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Issue link: http://digital.dsnews.com/i/135183
» » Loss mitigation (stop advance decision requirements, resolution rate standards, follow-up timeliness for loan modification requests, modification recidivism rates, and the use of other loss mitigation options including forbearance, repayment plans, deeds-in-lieu, short sales, cash-for-keys, borrower counseling, and term extensions) » Property inspections (timelines and frequency in accordance with delinquency and stated investor guidelines, performance of door knocks, use of skip tracing, and responsiveness to FEMA-declared disasters) » Foreclosure timelines (standards for judicial vs. non-judicial states, adherence to GSE guidelines, and processes to ensure appropriate borrower concurrence and authorization) » Bankruptcy (timeliness associated with development and filing of bankruptcy plans as well as motion for relief and proof of claim filing standards) » REO (eviction standards, average days on market, and portfolio agings) The preceding list touches on just a handful of areas that should be covered by best practices. Implementation of servicing best practices will enable servicers to continually improve their operations while increasing overall awareness of the servicing process and actions to aid in the reduction of loss severities. Effective servicer surveillance has been and will continue to be a critical ingredient in the mix of elements necessary to achieve compliance with CFPB and other regulatory guidelines while at the same time maximizing asset performance. In today's marketplace, more than ever, it is essential for servicers to adhere to the highest level of servicing standards. Servicing surveillance is essential and should be integrally woven into the fabric of any successful firm—whether it is an investor, bank, monoline insurer, private mortgage insurer, GSE, rating agency, or other regulatory body or pertinent third party. When implemented properly, surveillance can ensure residential mortgage servicing organizations run more efficiently and effectively, thereby yielding greater compliance, improved performance, more active management, mitigation of risks, and an overall reduction in loss severities. Vincent Spoto has more than 25 years' experience in the financial services sector. He is currently a partner and managing director at RRMS Advisors, where he provides advisory and consulting services relating to servicer surveillance, risk management, compliance monitoring, default management, and asset disposition. ~ S A V E T H E VISIT US ONLINE @ DSNEWS.COM D A T E ~ LEGAL LEAGUE 100 SERVICER SUMMIT SEPTEMBER 9, 2013 HILTON ANATOLE, DALLAS, TEXAS HOSTED CONCURRENTLY WITH THE FIVE STAR CONFERENCE AND EXPO KEYNOTE SPEAKER: DAVID L. MOSKOWITZ EVP, Deputy General Counsel at Wells Fargo & Company The Legal League 100 Servicer Summit will once again host a private audience of lenders, servicers, regulators, GSEs, and members of the Legal League 100 for open-forum roundtables and private networking on September 9, in a private location of the Hilton-Anatole. TO REGISTER CONTACT KELLI SNOWGREN AT KELLI.SNOWGREN@THEFIVESTAR.COM OR 214.525.6786 63