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Servicers Get Help With Mortgage Compliance

New service promises help with CFPB compliance

Oct. 2, 2013

By Mortgage Daily staff

A new product promises to help mortgage servicers comply with final rules issued by the Consumer Financial Protection Bureau.

In addition to CFPB compliance, the new service, dubbed LoanComplete, combines standardized workflow processing with enterprise content management and customized data analytics.

LoanComplete reportedly assists with compliance of Regulation X, which requires servicers to correct errors asserted by borrowers. It also helps with compliance for information requests.

Fiserv, which announced the new offering Wednesday, said the product helps servicers provide borrower protections from force-placed insurance.

"LoanComplete automatically gathers documents for the required servicing file, tracks missing documents across the servicing process spectrum, audits transfer files for data mismatches and critical documents, and accumulates and archives notes, documents and borrower communications," Fiserv stated. "Because these processes are automated, institutions may be able to avoid hiring additional staff to meet the new regulatory requirements."

Other areas addressed by LoanComplete are compliance with Reg X's requirements that servicers provide information about loss mitigation options to delinquent borrowers, establish policies and procedures for providing borrowers with continuity of contact with personnel capable of performing certain functions and evaluation of borrowers' applications for available loss mitigation options.

Also covered by LoanComplete are initial rate adjustment notices required by Regulation Z for adjustable-rate mortgages. The service additionally assists with providing Reg Z periodic statements, payment crediting and responding to payoff requests.

"The lending environment has become increasingly complex, and lenders and loan servicers are trying to manage all of the new requirements that are not supported by traditional lending technologies," Fiserv Enterprise Content Management Product Manager Gregg Lehman said in the announcement. "LoanComplete is the first comprehensive solution that complements existing lending systems and simplifies the regulatory compliance, loan origination and servicing processes, and helps lending institutions reduce risk, increase customer satisfaction and enhance profitability."

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