Your loan servicer’s security program, data controls and overall infrastructure, if incomplete, put at risk not only the servicer’s business, but also your business as well.
In today’s climate, your servicer should be well-versed and a subject matter expert in consumer communications, data safety, and security and compliance related regulation. Even more important—the servicer should be current on the state of the law and best practices in these areas and agile enough to adjust its program to meet ever-changing requirements.
We’ve learned many lessons along the way about what’s effective and what’s not in the world of collections and servicing. Clients get both the know-how to do it right, and fresh perspectives on existing regulations as well as new proposals on the horizon. Challenges that can jeopardize collections compliance don’t occur because of a lack of background or a jaded view of the arena —either of which can create huge gaps in the quality and reliability of compliance.
All of this provides a good grasp of what will drive better portfolio performance while establishing and maintaining trust both with clients and their customers.
“Everything a loan servicer does has legal ramifications—for the servicer, servicer’s client, and vendors. It’s vital to design client programs that include prospective legislation and regulation to ensure meeting requirements today —and in the future. All compliance-related matters must be included in a documents and procedures program handed out to clients and their applicable vendors. Gone are the days when you say you do it. You’ve got to prove it.” -Sonja M. Yurkiw, Chief Operating Officer and General Counsel
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