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Advisory

Richey May Advisory provides the full spectrum of transformative solutions for your business. From Technology and Risk Management to Specialty Audit Services and more, Richey May Advisory has the solutions you need to find and focus on your competitive advantage.

Learn More

Richey May Advisory

Richey May Advisory provides the full spectrum of transformative solutions for your business. From Technology and Risk Management to Specialty Audit Services and more, Richey May Advisory has the solutions you need to find and focus on your competitive advantage.

Learn More

Contact Us

Richey May Headquarters
9780 S Meridian Blvd., Suite 500
Englewood, CO 80112
Directions
303-721-6131
info@richeymay.com
303-721-6232

Question or comments?  Click here to fill out our inquiry form.

Richey May Advisory

Richey May Advisory provides the full spectrum of transformative solutions for your business. From Technology and Risk Management to Specialty Audit Services and more, Richey May Advisory has the solutions you need to find and focus on your competitive advantage.

Learn More

Richey May Advisory

Richey May Advisory provides the full spectrum of transformative solutions for your business. From Technology and Risk Management to Specialty Audit Services and more, Richey May Advisory has the solutions you need to find and focus on your competitive advantage.

Learn More

Contact Us

Richey May Headquarters
9780 S Meridian Blvd., Suite 500
Englewood, CO 80112
Directions
303-721-6131
info@richeymay.com
303-721-6232

Question or comments?  Click here to fill out our inquiry form.

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Richey May Headquarters
9780 S Meridian Blvd., Suite 500
Englewood, CO 80112
Directions
303-721-6131
info@richeymay.com
303-721-6232

Solutions:

Subservicer Oversight Review Procedures

Richey May has developed a comprehensive subservicer oversight review program to assist lenders in their oversight responsibilities and bring clarity and actionable information to the process.
Compliance & Risk

Comprehensive oversight

As required by both the CFPB and the GSEs, lenders are responsible not only for all of the work they outsource to their loan subservicer, but also for complying with the regulations that dictate lender/servicer operations.

Lenders should be proactively overseeing their loan subservicer relationships and auditing operations regularly, but few have sufficient internal resources to do so.

With our subservicer oversight services, lenders get a comprehensive report that provides tangible insights into all regulatory aspects of their relationship with their subservicer. Our service includes an intense review of the subservicer’s policies and operations, evaluation of the way it is handling a specific lender’s loans, and testing loans for compliance.

Richey May conducts the review on behalf of multiple clients at the same time, allowing us to share expenses and thereby create cost savings that are passed down to our clients.

Loan Level Testing

 

Receiving consumer complaints?

 

Richey May’s loan level testing can drill down further and get you more insight into consumer complaints, including questions related to forced-place insurance. Loan level testing will provide succinct and valuable insight into how your personal portfolio is being serviced, potentially uncovering unobserved information and assisting in the client-subservicer relationship.

Richey May’s subservicer oversight review and loan level testing will provide value far beyond the basic compliance requirements so that you can use the findings to drive value for your business.

 

Client Testimonials
We changed from OCC to FDIC last year, so this was our first full scope compliance exam by the FDIC and they decided to limit our scope in the servicing area because of your review. They mentioned it over and over and said it was great that you did this and covered all areas they would be concerned about, therefore we had no additional testing or review. This just happened before the holidays so we definitely want to ensure we do it again for the next audit cycle completion.Quote-
I thought the audit was something that was good to have two years ago when we signed up. However, after just finishing with our second major scheduled audit in the past five months, this report proved to be more than just backup. It was instrumental in helping with a smooth review of subservicer oversight. I can’t thank Richey May enough for looking out for their clients.Quote-

Overview of a typical engagement:

  • Review of pertinent servicing policies and procedures
  • Two days on-site interviewing key servicing department personnel, as well as compliance, training, internal audit, legal, vendor management, and IT department managers
  • Standard loan-level testing package on 25 loans specific to each client’s portfolio, primarily focuses on default and escrow attributes, with the option to select additional areas for testing from an expanded menu
  • Upon completion of the evaluation, lenders are provided with a written, comprehensive report that details the subservicer’s performance on that particular lender’s loans

To learn more about our subservicer oversight services, call (303) 721-6131.

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