Policies and Procedures for 3rd Party Processing Firms
While processing companies don't (or shouldn't) negotiate applications, for firms without internal capacity, outsourced processing is the service that allows them to function, bridge the gap, or provide expertise that simply cannot be found in a marketplace. However, when an independent processor decides to offer services as a contractor, the licensing and employee umbrella disappears, and the processor/firm must undertake licensing and observe compliance as if it were a mortgage company.
In fact, the processing company is a mortgage company, simply without direct retail origination, so you need to have internal policies and procedures to ensure compliance.
In fact, the processing company is a mortgage company, simply without direct retail origination, so you need to have internal policies and procedures to ensure compliance.
Third Party Processing Policies and Procedures Package
First, mortgage brokers and processing firms need to have the following policies and procedures plans in place. (Browse to each document to see a detailed description of the contents)
- Quality Control - fraud detection and reporting, including AML and Risk Assessments
- Compliance - the complete stack of consumer compliance rules including RESPA/TILA, Fair Lending, SAFE Act, Anti-Steering, Ability to Repay, Appraiser Independence, Employee Screening, Employee Training, etc.
- Information/CyberSecurity - protecting customer information, Identity Theft Red Flags, Breach Remediation, Remote Work, Document Destruction
- Processing Policies and Procedures - including intake, setup, reviewing and reporting, submission, closing preparation and post-closing compliance reviews.
Purchase Third Party Processing Package
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Purchasing the package is a substantial savings over a la carte orders - If purchased separately
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