Indecomm Launches New Foreclosure Assignment Services Solutions
March 26, 2013
Indecomm Global Services, a business process outsourcing company, launched a new foreclosure assignment services solution. This new end-to-end solution encompasses the creation, execution, recording and tracking of foreclosure assignments, as well as the verification of the title on the property.
The company said the solution enables lenders and servicers to adhere to timelines contained in the new Consumer Financial Protection Bureau (CFPB) guidelines for foreclosures. These CFPB guidelines, announced on Jan. 17, 2013, reinforce the requirements put in place by the Federal Housing Finance Agency (FHFA) in September 2011 on all GSE loans going into default.
"The CFPB fundamentally altered the lender/borrower relationship and created a new set of rigid rules for lenders to follow," said Pat Taylor, vice president, servicing solutions group, Indecomm Global Services.
As of Oct. 1, 2011, servicers were required to refer the loans for foreclosure by the 120th day of delinquency as long as any applicable notice and waiting period under state law was met and all loan modification options had been exhausted.
"Weak controls and difficult decisions by servicers including robo-signing of mortgage documents have created a heightened awareness of the importance of proper documentation,” said Latha Parameswaran, vice president, document management group, Indecomm Global Services. “Our new Foreclosure Assignment Services Solution provides lenders and servicers with a way to manage an increasingly critical process. It allows them to follow required foreclosure timelines while adjusting to a fluctuating volume. Having the right controls in place, especially those related to signers and notaries, is a significant business advantage for lenders and servicers in this highly regulated mortgage environment."