Fiserv Inc., a global provider of financial services technology solutions, says lenders and servicers can use the company's LoanComplete suite of solutions to help them maintain compliance with the Consumer Financial Protection Bureau's (CFPB) mortgage servicing final rules.
LoanComplete is a patent-pending, life-of-loan suite that helps lenders and servicers comply with complex government regulations while simultaneously reducing their loan-processing time and exposure by combining standardized workflow processing with enterprise content management and customized data analytics.
The CFPB's new rules, the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z), will go into effect Jan. 10.
Regulation X addresses servicers' obligations to correct errors asserted by consumers who have home loans, comply with their information requests and provide protections from force-placed insurance. The rule also requires servicers to provide information about mortgage loss mitigation options to delinquent borrowers, to establish policies and procedures for providing them with continuity of contact with personnel capable of performing certain functions, and to evaluate borrowers' applications for available loss mitigation options.
Regulation Z addresses initial rate-adjustment notices for adjustable-rate mortgages (ARMs), periodic statements for residential mortgage loans, prompt crediting of mortgage payment, and responses to requests for payoff amounts.
LoanComplete automatically gathers documents for the required servicing file, tracks missing documents across the servicing process spectrum, audits transfer files for data mismatches and critical documents, and accumulates and archives notes and borrower communications. Because these processes are automated, institutions may be able to avoid hiring additional staff to meet the new regulatory requirements.