2763 Camino del Rio South
With the complexity of the current regulatory environment, the volatility of the housing market and the ensuing losses suffered by investors, servicers are under unprecedented scrutiny. Investors are seeking opportunities to curtail reimbursements, seek compensatory fees or require repurchases from their servicing partners. Servicers are looking for stable, reliable partners to navigate this maze with them.
Quality Claims, with its experience, processes and technology, can mitigate servicer risk across a spectrum of servicing functions. Though initially focused on hazard insurance recovery, Quality Claims leveraged its decades of servicing experience to develop a broad range of solutions, including the launching of its investor services group in 2010.
The company provides mortgage insurance (MI) claims services, including denial, rescission and repurchase management, as well as GSE and FHA post-sale claims.
“We are very excited about the prospects for this group,” said Quality Claims President Ronald Reitz. “There is a growing demand for expert management of the investor claims and MI rescission dispute processes that provide reliable reporting and technology solutions.”
With its escrow management expertise, the company recently added loss draft processing services and conducts escrow hazard fund management audits for its clients.
“A considerable number of borrower complaints to regulators involve dissatisfaction with their servicer’s handling of their insurance proceeds,” Reitz said. “This proactive analysis provides servicers with new insight to help mitigate potential borrower risk and establish processes that better serve their customers.”
Quality Claims continues to offer its unique disaster loss recovery for investors, servicers and borrowers, and has successfully aided with hundreds of millions of dollars in disaster recovery claims over the past decade.
As the CFPB and other regulators increase servicer oversight, there is new focus on third-party vendors. Quality Claims is committed to meeting regulatory and investor requirements at all levels by continually refining its internal controls and audits.
“Servicers take on additional risk in these relationships, so we take this seriously,” Reitz said. “We focus on well-documented procedures and change management, and ensure data protection and risk mitigation in our technology applications. We complete an annual SSAE 16 Type II audit, among others, to validate this.”
The company offers highly customizable processes and focuses on consistent execution, compliance and customer service, Reitz said.
“Our reputation usually precedes us and initially gets servicers’ attention. We are able to demonstrate our technical expertise in all of the claims work we do.
“In addition to minimizing servicer losses, we receive kudos on our solid controls, reliable and auditable reporting and the transparency of our process and data,” he said.
Quality Claims prides itself on its deep insurance knowledge and its ability to decipher dense and arcane insurance policy language.
This expertise translates to a reduction in claim denials and higher recoveries. Servicers also appreciate that the company is fully licensed and operates independently of the preservation and repair functions.
“Our culture is one of passion and innovation. Our staff at all levels are passionate about being the best in the business and are empowered and encouraged to find creative new ways to win,” Reitz said. “Everyone gets to participate in building creative solutions and share in the rewards that result.”
In the near term, Quality Claims anticipates accelerated growth in its investor services group and is expanding its physical presence into the Dallas area to be closer to clientele and a wider talent pool.
The company is also building a number of key strategic partnerships to offer clients a broader range of services through a single vendor interface.
“With the extraordinary and complex vendor on-boarding and oversight requirements today, this is a boon to our mutual clients,” Reitz said.
Ronald R. Reitz, SPPA, is the president of Quality Claims Management. Prior to establishing Quality Claims, Reitz spent 10 years with GMAC-ResCap as the vice president and director of insurance services. Reitz is a senior professional public insurance adjuster. He is the past president of both the National and California Associations of Public Insurance Adjusters (NAPIA and CAPIA). Reitz sits on several industry boards and participates on MBA and other conference panels.