In the past, third party suppliers to banks and mortgage servicers were to some degree insulated from the effects of regulations. With new guidelines from the CFPB, the OCC and the Fed, there will be a much higher level of scrutiny on banks and in direct consequence, the third party suppliers. In this video, industry expert Mike O'Connel discusses how these guidelines affect you as a vendor and what you can do to stay compliant. For more information, click here.
More Ask The Experts Videos
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Q: How is Enterprise Risk Management important in the mortgage industry?
Q: How important is a property report to the loss mitigation process?
Q: How can property reports help with compliance to recent regulatory requirements?
Q: How do AVRs bridge the gap between servicers/custodial status reports, with true live county data?
Q: How can different types of property reports protect the loan servicer or investor?
Q: How can you best avoid allegations of notary law violations?
Q: Why are assignment services, paired with AVRs, important for seasoned loans?
Q: What are the downstream benefits of a 3rd party final documents tracking service?
Q: What are the pitfalls of a badly managed signing authority and Power-of-Attorney database?
Q: Should loan due diligence include a comparison of land records to collateral?
Q: Where can I find a copy of OOC Bulletin 2013-29 covering third-party relationships and risk management?
A: You can find that particular bulletin posted here: http://www.occ.gov/news-issuances/bulletins/2013/bulletin-2013-29.html. There is also a wealth of information on the Office of the Comptroller of the Currency website: www.occ.gov.
Q: What types of audits are best to assess our vendors?
A: The OOC recommends that you determine if the third partys internal audit function effectively tests and reports their internal controls. You should also check to see if the third party has completed a SSAE16-SOC-1 audit and review the report. (Service Organization Control (SOC) reports prepared in accordance with the American Institute of Certified Public Accountants Statement on Standards for Attestation Engagements No. 16 (SSAE 16).
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About Ask The Experts
Ask the Experts is an educational, interview-style video series hosted by National Mortgage News that features an engaging Q&A series with mortgage industry experts. This series, sponsored by Nationwide Title Clearing, addresses key questions regarding compliance to latest regulations, mitigating risk through use of specific types of property reports and research, controls to help monitor and prevent downstream deficiencies, and more.