Monday, May 26, 2014

ORION FINANCIAL GROUP, GSEs HALT MORTGAGE SERVICING TRANSFERS DUE TO MISSING DOCUMENTS

GSEs Halt Mortgage Servicing Transfers Due to Missing Documents

Improper or missing title policies and other mortgage documents have been stalling mortgage servicing transfers

Simple mistakes made on lien releases are costing lenders and servicers thousands in fines and fees. And now, improper documentation is delaying—and in some cases stopping–the transfer of servicing.
Not only are regulators scrutinizing servicing transfers to make sure all documents are in order, but the government-sponsored enterprises (GSEs) are stepping up their reviews as well, especially as the trend for banks to sell servicing to non-banks escalates.
For instance:
Ginnie Mae held up the transfer of servicing rights by the large, national bank because it was not complying with Ginnie Mae’s guidelines that require all mortgage documents be delivered to custodians in a timely manner, American Banker reported.
  • In February 2014, Freddie Mac said in its 10K filing that it began reviewing servicing-related violations of its program rules in 2013, including issuing notices of defect for certain violations, mostly related to the conveyance of properties to the GSE “without clear and marketable title.”
Not only servicing transfers are affected by improper or missing documentation. Finding and correcting missing or inaccurate documentation can stall foreclosures and delay or prohibit lenders from selling off loans to investors.

What Can Lenders and Servicers Do To Protect Themselves?

Mortgage loan transactions are receiving more scrutiny than ever, while regulatory changes and demands continue on the rise.  Rather than waiting for a major fiasco, lenders and servicers need to evaluate how well their document control department  is able to keep up with current regulatory requirements, and make an informed decision in regards to their options.
Today, Orion provides much relief and security to lenders and servicers, cost-efficiently handling document services by delivering advanced technology along with a dedication to customer service. Orion offers a complete line of mortgage assignment, lien release and document retrieval services all expertly managed in one place.
Since 1993, hundreds of investors and servicers across the country have put their trust in Orion Financial Group. Find out why. Call 888-31-ORION, email solutions@orionfgi.com or click here to learn more.
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