The servicing industry is undergoing a whirlwind of changes with the amount of houses in foreclosure falling. One person believes the way to deal with all the sudden changes is to pay extra attention to quality control.
Ann Fulmer, vice president of business relations at Agoura Hills, said, "The servicing industry is caught up in a whirling maelstrom of change. Whether it's from the 300-plus new standards set out in the robo-signing settlement or the steady stream of new expectations and rules emanating from the Consumer Financial Protection Bureau, the demands on servicers have never been greater."
Fulmer said she believes in order to deal with the upcoming challenges, servicers need to be fully integrated into risk management systems.
"In order to succeed from a quality control standpoint, servicers must be able to maintain the integrity and quality in the process while compiling the documentation necessary to prove that borrowers are being treated fairly and are in compliance with all applicable laws and regulations," Fulmer adds.