Opus Capital Markets Consultants (Opus CMC), a Wipro Limited company, has launched a new division to help mortgage servicers and investors better identify operational and loan-level risks.
The firm’s new Servicing Oversight Solutions division will assist banks, servicers and mortgage investors in addressing specific operational or portfolio concerns, Opus CMC says in a release.
The solutions include a one-time operational assessment, as well as an ongoing quarterly or monthly loan-level review.
Opus CMC’s servicing solutions come at a time when mortgage servicers face ever-increasing requirements from regulators, the government-sponsored enterprises and investors. All of this results in higher operating costs.
Opus CMC’s servicer operational assessment includes a thorough review of the servicing operation, including processes, policies, management, risk controls, systems, reporting and regulatory compliance, the firm says in a release.
Ongoing reviews offer a more detailed look at the portfolio and loan-level practices, such as quality control, data integrity, loss mitigation activities, timelines, cash management, investor reporting and call monitoring.
“Our expansion in mortgage servicing oversight is a natural progression of our mortgage due diligence business,” says Keyur Maniar, vice president and head of mortgage solutions for Wipro Limited. “We were able to leverage our management capability and experience in Opus CMC, compliance expertise, knowledgeable staff and product development capabilities to design a robust oversight solution that will allow servicers to operate with confidence.”
“In the current environment, the implications of improper loan servicing practices are far reaching,” adds Jennifer LaBud, chief operations officer of Opus CMC. “Ensuring top-notch servicing performance means greater operating yields, fewer fines as a result of audits and increased returns for investors. Opus CMC’s servicing oversight solutions are designed to help you identify and remediate servicing defects that could otherwise result in drastic impact on the business.”