In the current mortgage landscape, ensuring the highest standards of loan quality is paramount not only during the origination process but also over the life of the loan. As the mortgage industry grapples with a changing market and regulatory complexities, we sat down with Amanda Phillips, Executive Vice President of Compliance at ACES Quality Management, to discuss how lenders can foster long-term success through a robust servicing QC process.
Topics covered:
- What were some of the challenges faced by lenders in 2023, and what is the outlook for 2024?
- Why is quality control (QC) crucial for lenders in the mortgage industry, and how can lenders maintain QC effectively?
- What role does the Consumer Financial Protection Bureau play in the mortgage servicing landscape, especially concerning compliance with the CARES Act and servicing regulations?
- What steps should servicers take to identify and manage inherent servicing risks?