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Compliance Update - Dec 2016
4Q Allies – Compliance Update
In preparing our 4Q Compliance update, a lot of thought was given to what we had accomplished this past year, and we realized it was a lot!
Here are just a few of the key accomplishments of your audit/compliance team in 2016:
- Implemented monthly reporting for clients on written complaints, verbal complaints, and potential elder abuse reporting.
- Fully migrated to the Quantivate system for all internal quality control audits and reporting.
- Initiated build-out of Quantivate for tracking/reporting of vendor management oversight activities.
- Initiated build-out of Quantivate for compliance tracking/reporting purposes.
- Created and filled a Vendor Manager position and welcomed Michelle Rymerson to the team.
- Initiated quality control audits on key servicing vendors.
- Increased the depth of the annual vendor re-certification process.
- Implemented a formal QC and vendor issue remediation process.
- Implemented formalized regulatory training for all new and existing employees.
- Initiated on-site visits with attorney foreclosure firms that represent key risk.
- Established a formal call calibration/evaluation process with Loan Protector (they take insurance-related calls from borrowers and insurance agents).
- Increased the number of areas and depth of the internal quality control audit.
Phew! In taking a step back and reviewing these accomplishments, we can see and celebrate a very productive 2016. However, our work is never done as it relates to quality control, compliance, and vendor management.
Here are a few key objectives we’ll be tackling in 2017 and that we believe will make Celink a stronger partner to you:
- Completion of the build-out of the Compliance and Vendor Oversight modules in Quantivate.
- This will allow for more robust monitoring and reporting on these key activities.
- Increase the number of functions that are reviewed as part of the monthly quality control audits (such as reviewing Non-Borrowing Spouse requirements for compliance to requirements).
- Implementation of enhanced quarterly reports for Vendor Oversight and Quality Control results.
We are looking forward to a productive 2017. Please do not hesitate to reach out to us if you have any questions about Celink’s overall compliance strategy. We welcome and value your input and insights.