Wolters Kluwer Financial Services Expands Default Servicing Offering to Include Pre-Foreclosure Service

Minneapolis, MN - 28 February 2012

Helps Servicers Build Complete, Compliant Case File to Avoid Potential Violations or Delays

Wolters Kluwer Financial Services announced today that the company has expanded its suite of default servicing solutions to include an outsourced pre-foreclosure service. Designed to help mortgage servicers efficiently manage their pre-foreclosure processes, the service helps them to build a complete case file before they foreclose on a property. As a result, servicers are able to efficiently generate documents necessary to manage the pre-foreclosure process.

Combining its expertise in compliance monitoring and proficiency in document generation and fulfillment, Wolters Kluwer Financial Services can help servicers better manage fluctuating default volumes and associated regulatory demands—including the Consumer Financial Protection Bureau’s (CFPB’s) new mortgage servicing exam procedures. In fact, servicers can confidently outsource the entire pre-foreclosure process to Wolters Kluwer Financial Services. The company’s pre-foreclosure service includes:

  • Notices of default — standardized and warranted documents constructed with Wolters Kluwer Financial Services’ compliance content; the company’s in-house team of compliance experts monitors and maintains the regulatory content so servicers can spend more time focused on their business instead;
  • Certified & first class mail fulfillment default notices can be delivered to borrowers by first class or certified mail from the company’s print fulfillment center in accordance with regulations; the company also provides an audit trail to validate delivery of pre-foreclosure documents to homeowners;
  • Foreclosure compliance summaries — fast, web-based access to practical explanations of federal and state-specific foreclosure laws to help servicers meet regulatory requirements;
  • Foreclosure affidavits — Affidavits of Amount Due, Schedule of Amount Due, and state-specific jurats constructed with Wolters Kluwer Financial Services’ compliance content that allow servicers to complete the necessary documentation prior to filing the foreclosure action while helping them adhere to regulatory requirements; and
  • Consulting services — that help servicers better prepare for the CFPB’s new exam procedures through strong compliance program management systems. Wolters Kluwer Financial Services’ experts provide program review and gap analysis, policy and procedure review, compliance risk assessments, compliance testing reviews, fair and anti-predatory servicing reviews, and file review services. These advisory services help servicers more effectively implement compliance and business workflow solutions, enabling them to focus on operational efficiency.

“As regulators continue to intensify their scrutiny of servicing practices and the number of home loans entering default remains steady, Wolters Kluwer Financial Services recognized the clear industry need for a completely outsourced pre-foreclosure service,” said Jason Marx, vice president and general manager of the company’s Residential and Indirect Lending businesses lines. “By turning the pre-foreclosure process over to us, we can help them make it much more efficient than they could on their own along with complete confidence they are in compliance with federal and state requirements.”

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