Compliance is crucial when it comes to Mortgage Servicing. TENA’s experienced team of servicing auditors examine your individual servicing records to ensure overall adherence to applicable statutory and regulatory requirements from agencies such as Fannie Mae, Freddie Mac, FHA, VA, CFPB, State Compliance and more.
TENA’s servicing audit process utilizes loan level reviews such as Foreclosure, Loss Mitigation, ARM Adjustments and Servicing Transfers to gauge compliance with regulatory requirements.
To make certain that audit results will be statistically valid, over two dozen key servicing functions can be targeted during the selection process. Each of these targeted areas are referred to as an Area of Inquiry (AOI). Sophisticated selection algorithms ensure that all impacted AOIs and all servicing “Life Events” applicable to the subject servicing portfolio are reviewed and analyzed. AOIs incorporated into a typical mortgage servicing audit include, but are not limited to:
Strong reporting tools are a key factor when performing Servicing Quality Control. TENA combines recent and historical audit findings to produce trend analyses, enabling servicers and to identify and measure the effectiveness of procedures and establish remediation when necessary.
With TENA’s cloud-based platform, TENA Web Services (TWS), clients are able to manage the remediation process for audit findings and receive audit results electronically on any device with a web browser.
Generate reports, assign audit findings, create and monitor action plans and more, with no additional cost to TENA clients. Read more about TWS here.
Contact us today to get started on your Servicing Quality Control reviews!
TENA covers every step in the mortgage review process, from Pre-Funding to Post-Closing to Servicing, and more!
Fannie Mae issued Servicing Guide Announcement SVC-2024-06 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae clarified requirements related to eMortgages.
FHA issued Mortgagee Letter 2024-20 implementing Federal Flood Risk Management Standards for new construction properties located in Special Flood Hazard Areas. On April 23, 2024,
Fannie Mae issued Selling Guide Announcement SEL-2024-07 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae: Revisions related to leasehold estates
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