Agoura Hills, California--based Interthinx and Irvine, California--based Decision Ready have formed an alliance to offer comprehensive quality-control (QC) and quality-assurance programs to the servicing industry.
With mortgage servicers facing increasing scrutiny of their default management procedures and the upcoming Consumer Financial Protection Bureau (CFPB) enforcement, servicers will need to increase their diligence in assessing and monitoring policy and regulatory compliance.
Interthinx and Decision Ready Solutions bring a comprehensive quality-control and forensic loan-review program to the market. The collaboration will offer a compliance oversight program framework that will help servicers monitor process execution and compliance along the complete end-to-end default timeline.
This latest addition to the Interthinx product suite addresses the need for more stringent default servicing and foreclosure process governance, a weakness cited by federal regulators in the Interagency Review of Foreclosure Policies and Practices, the multistate settlement and the upcoming CFPB enforcement.
"Prior to Decision Ready, the emphasis in default servicing had been on document- and timeline-based compliance. There was no systematic way of ensuring that servicing associates had followed the right procedures and policies," said Claudia Sanchez, chief information officer for Decision Ready.
Ravi Ramanathan, chief...