DLS Servicing Consultants, a provider of default mortgage servicing consulting and loss mitigation outsource services, is now offering boutique Federal Housing Administration (FHA) servicing programs aimed at new FHA servicers.
‘We've been approached by numerous small banks and mortgage companies that either have just obtained their FHA servicing ability, or have traditionally sold off their FHA loans and are now retaining servicing,’ says Michael Meroney, director of business development and consulting at DLS, in a release.
DLS is owned and staffed by industry veterans that have specialized in all aspects of FHA servicing. It also offers its own FHA loss mitigation decisioning software called WaterfallCalc.com.
‘Mortgage servicing has become increasingly more complicated over the last five years,’ says Donna Schmidt, owner and founder of DLS and WaterfallCalc.com. ‘Expert guidance will help new FHA servicers reduce the risk of costly mistakes, such as interest curtailments, indemnifications or treble damages.’
The new program will assure that mortgage servicers' procedures are up to date with current FHA and Consumer Financial Protection Bureau (CFPB) requirements. It includes staff training and management; provides preliminary audits; and assists with responding to post-HUD audits.
DLS will also provide due diligence and sample loan reviews for clients that may be acquiring FHA portfolios.
‘We are uniquely positioned to assist FHA servicers with due diligence because of our WaterfallCalc.com product,’ says Meroney. ‘We can quickly determine whether transferred loans in default have been handled correctly from a loss mitigation standpoint, which has been a recent focus of the CFPB.’