Default servicing solution expanded

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Default servicing solution expanded

Wolters Kluwer Financial Services expanded its Document Management Services offering to include default notices, demand letters, foreclosure affidavits, and other collection letters used by mortgage servicers during the delinquency, pre-foreclosure and foreclosure processes.

The company's regulatory and risk management experts can review servicers' existing notices and letters to help ensure they meet state and federal laws that require a complete and compliant case file before foreclosing upon a property.

Wolters Kluwer Financial Services' compliance and risk management experts have decades of mortgage industry knowledge and experience, the company states. Many are former lenders, regulators and attorneys. They can help servicers revise and customize existing default notices and demand letters to meet regulators' stringent expectations. Or they can help them implement the company's standardized and warranted documents that are constructed with Wolters Kluwer Financial Services' VMP Mortgage Solutions compliance content.

Compliance with default requirements has never been more important, as the newly-formed Consumer Financial Protection Bureau has focused much of its rulemaking efforts on servicers. Adding to this, nearly 30 states passed new legislation tied to default servicing in 2011, according to Wolters Kluwer Financial Services' experts.

Through its Document Management Services offering, Wolters Kluwer Financial Services regulatory and risk management experts can help mortgage lenders and servicers remove obsolete documents; identify compliance concerns; understand the impact of current or new legislation on their documents; expand on new products or jurisdictions; proactively budget and plan for annual custom content needs; prepare for a Loan Origination or Servicing System conversion; and reduce costs spent maintaining customer documents.

[This article was posted on September 4, 2012, on the website of ABA Banking Journal, www.ababj.com.]

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