Default servicing technology provider DecisionReady this week released a new compliance management module designed to aid servicers in handling their relationships with vendors.
The module allows servicers to review foreclosure and bankruptcy attorneys, and keep an eye on eviction processes. Other features address consent orders and allow for representative sampling of vendors by type and client.
The company said it created the module after federal regulators – as part of their robosigning investigations -- found that many large servicers did not properly structure, conduct or manage their third-party vendor relationships with outside law firms and foreclosure providers.
The failure to effectively supervise outside vendors resulted in increased reputational, legal and financial risks for residential servicers – not to mention dozens of civil lawsuits.
Matt Lichtner, executive vice president of sales/client relations at the Irvine-based DecisionReady, said the new module will allow servicers to review vendor activity and objectively score firms based on accuracy, service and performance.
