Stewart Lender Services rolls out foreclosure review service
In the wake of the robo-signing debacle, Stewart Lender Services is rolling out a foreclosure processing review to help servicers ensure foreclosures are compliant with state and federal laws. The unit of Stewart Title Co. (STC) said on any given day, a new consent order may be sent down, forcing the review of 5,000 loan files. "It's really two things," said Jason Nadeau, group president of Stewart Lender Services. "It is essentially having a third party come in to look over your shoulder." Nadeau said Stewart Lender will look over individual loan files for servicing clients. The solution was designed with today's rapid-fire, regulatory market in mind. Nadeau said it's almost impossible to keep servicing staffing numbers up to date with so many changes coming to the market quickly. Because Stewart Lender Services possesses experience in loan review and audits, it can quickly pick up the extra workloads dropped on servicers in this tough regulatory environment, the company said. The loan review can be as simple as going back through the documents to ensure the servicer is processing the loan on the right timetable or it could involve researching court records. Write to Kerri Panchuk.