OCC Process and Procedure Quality Control for Defect-free Cases
As the credit crisis continues, the spotlight is now focused on the loss mitigation and foreclosure processes. The OCC Consent Orders now mandate process and procedures from a single point of contact to process transparency. Ever since the discovery of the “robo-signer,” the federal government and state attorneys general are meticulously ensuring that all default management steps are being followed to the letter of the law. Servicers must now confirm that all the information and pre-foreclosure activities are 100% correct before moving a loan to foreclosure. Servicers are keenly aware that creating manual processes (human Band-Aid®) or checklists will not provide the level of quality control and case management that can stand up in a court of law.
Leveraging Pega’s Loan Loss Mitigation Framework, the Pre-Foreclosure solution automates the complex set of processes and decisions across the early collections, loss mitigation and customer service activities. Disparate activities across these departments can impact the integrity of a case recommendation on a daily basis. Pega’s solution automates the monitoring of activities to ensure that all loss mitigation and pre-foreclosure activities are 100% quality controlled. All activities are controlled, tracked and viewed in a single case that can stand up in a court of law.