Mortgage servicers should maintain criteria for selecting and dismissing outsource providers and vendors, ensure fee disclosure, and maintain a quality control program to monitor performance, according to Standard & Poor's Ratings Services.Servicers who want to achieve or maintain S&P's Select Servicer status will be expected to "adhere to certain basic guidelines with respect to outsourcing vendor management and fee disclosure," S&P said. Their selection and dismissal criteria should be objective and transparent and should include "minimum key performance indicators," the rating agency said. In addition, they should establish procedures to ensure that any fees presented for reimbursement to a guarantor "represent a true and accurate rendering of actual monies expended," net of certain cost reductions, S&P said. Quality control should measure performance as well as compliance with state and federal statutes, the rating agency said. S&P can be found online at http://www.standardandpoors.com.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
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The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
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Equity is entitled to a little over $70,000 worth of damages.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27