With increased emphasis on servicing compliance by FHA, the CFPB, OCC and other regulators, now is the time to ensure that you know what to expect and have policies and procedures in place to minimize the risk to your firm.
Washington, DC (PRWEB) March 29, 2012
The Collingwood Group (Collingwood) is pleased to announce its second in a series of industry conference calls - “FHA Servicing Compliance”, being held on Thursday, April 12, 2012.
This call will focus on FHA servicing compliance including how FHA’s Quality Assurance Division conducts on-site servicing compliance reviews and the sanctions they may request for violations of FHA requirements. As an example, requests for indemnification are not exclusively for loan origination violations but can also be levied against servicers. Senior consultants from Collingwood’s Risk Management and Compliance Division will discuss these topics and other common findings from the QAD compliance reviews, as well as the loss mitigation waterfall and what documentation you need to retain to be compliant.
“There are numerous programs in place - which are in fact mandated by FHA - to help mitigate losses, beginning with early intervention to help promote home retention, moving through various steps and options including loan modification, and going all the way to foreclosure, when necessary,” said Brian Montgomery, Collingwood Group Chairman and former FHA Commissioner. “How servicers can - and should - deal with these situations will be the primary focus of this industry call, with a goal of providing information that is timely, insightful, and useful.”
The call, offered at no cost to participants, will be led Brian Montgomery, who will moderate a discussion between Karen Garner, Collingwood Group Managing Director and former HUD compliance manager, and Earl Greer, Senior Consultant for Collingwood and former Field Monitor for FHA’s Quality Assurance Division.
“FHA has increased the number of on-site reviews at servicers over the past several years. It is not unusual for a servicer with years of business to be experiencing their first FHA servicing review,” said Garner. “With increased emphasis on servicing compliance by FHA, the CFPB, OCC and other regulators, now is the time to ensure that you know what to expect and have policies and procedures in place to minimize the risk to your firm.”
Collingwood’s Risk Management and Compliance Division is sharing information on an ongoing basis with Collingwood clients and other industry colleagues. Its first call – “FHA Enforcement: Myths, Misconceptions and Facts”, focused on FHA Enforcement, Quality Assurance and Inspector General reviews, and the Mortgagee Review Board. A summary of that call is available on Collingwood’s website at http://www.collingwoodllc.com.
About The Collingwood Group
The Collingwood Group (http://www.collingwoodllc.com) is a Washington, DC-based business advisory firm focused on growing clients’ businesses, promoting revenue growth and increasing investment returns. The firm is led by Chairman Brian Montgomery, former Assistant Secretary for Housing and Federal Housing Commissioner, and Vice Chairman Joe Murin, former President and CEO of Ginnie Mae. Both played major roles in the federal governmentʼs efforts to address the nationʼs financial crisis and restore stability and liquidity to financial markets. The firmʼs expertise spans all aspects of Agency, non-Agency and FHA/VA housing financing programs; Ginnie Mae securitization activities; domestic and international secondary market activities and issues; primary and special servicing; full asset lifecycle vendor and talent management; and all elements of portfolio due diligence, acquisition, property management and asset disposition.
Visit http://www.directeventreg.com/registration/event/64180522 for additional information on The Collingwood Group’s April 12, 2012 conference call – “FHA Servicing Compliance” or to register for the call.