Your 30-Year Compliance Relationship Begins After Closing

Mortgage servicing compliance represents one of the most overlooked yet critically important aspects of credit union operations today. In this revealing conversation with Scott Weintraub, VP of Compliance at MQMR, we explore why credit unions often shortchange their servicing compliance resources despite the 30-year relationship at stake.

Scott shares his journey from law to mortgage compliance, explaining how his passion for helping companies comply drives him to educate credit unions about servicing risks. As he points out, “The servicing relationship could last decades, yet if there are resources allocated to compliance, it tends to be much more on the origination side.”

This imbalance creates significant vulnerabilities in five key areas.

1. Escrow administration requires annual analysis and proper handling of shortages or surpluses.
2. Customer service standards must meet regulatory expectations even for borrowers not in default.
3. Loss mitigation processes demand consistent treatment of applications and decisions.
4. Fee assessment and waiver policies must be applied fairly across all member segments.
5. Fair servicing practices – a concept many credit unions don’t realize exists – require vigilant monitoring.

These areas are particularly dangerous because examiners consistently flag them during audits, looking not just for documented policies but evidence that these policies match actual practices. As Scott emphasizes, “The lack of a sufficient QC program is a finding that’s very common.”

The solution builds on two fundamental principles:

1. Comprehensively understand your servicing obligations
2. Regularly examine your operations.

This approach transforms “unknowable risk”—the worst possible position—into manageable, addressable issues.

Ready to strengthen your credit union’s servicing compliance? Tune in now to get the latest.

Sponsored by Consolidated Analytics