As regulatory standards tighten and the enforcement environment frosts, data integrity becomes even more of a critical focus for the participants in the mortgage industry. Of particular importance is the need by lending institutions to complete a successful regulatory or compliance audit.
Complete and accurate data can be difficult to maintain and validate. Yet in order to avoid penalties and/or lending limitations, institutions must embrace rigorous protocols for capturing, maintaining and distributing quality data.
Deficient or defective data obviously casts a severe impact on the servicing of individual loans, and may also affect portfolio valuations, MSR sales and servicing transfers.
When pricing a discrete loan with defective or deficient data, it is likely the entire portfolio will be affected and thus undervalued. The impact of just a few data-deficient loans on an entire portfolio is significant and may be evidence of a greater data failure. One bad apple may, in fact, spoil the whole basket.
MDS offers solutions to improve data quality and to implement industry best practices to overcome data deficits and the attendant compliance challenges.
MDS provides the following solutions to remedy loan servicing data deficits:
- Direct servicing data through 600+ point data audit evaluation
- Coordinates and implements the data remediation process
- Leverages client resources or file review experts to resolve data quality issues
- Provides an iterative process until the data is accurate and complete
Click here to learn more about MDS and its capabilities to see how we can help you through this winter of data discontent.
For more information on our article, Winter Update 2014 – The Winter of Data Discontent please contact your MIAC representative at 212-233-1250 .
Mortgage Industry Advisory Corporation (“MIAC”)
521 Fifth Avenue, Suite 900
New York, NY 10175