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NAMFS: Mortgage regulations require a more stringent approach to field services | 2014-12-10 | HousingWire

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Mortgage regulations require stringent approach

Written by SiteCapture

If your firm provides mortgage services, including field service, did you know?

Throughout the year, the Consumer Financial Protection Bureau (CFPB) has taken action against — and outlined expectations of — mortgage servicing providers and nonbank entities. Regulators are not accepting compliance exemptions due to limited resources, technology deficiencies, or third-party failures. Additionally, clients of field services providers are implementing new work performance standards, documentation procedures, and periodic auditing of work in the field and the office.

Industry challenges are also affecting the clients of field services companies. Field services companies must adjust operational practices to meet client expectations. This year, we’ve seen field services providers incorporate technology to streamline and strengthen their organizations. NAMFS provided its members with a series of webinars to help sort through the technological offerings that assist with the management of legislative and client demands. The NAMFS business resource center invited members to live presentations on software that manages workflow, products that improve the securing of vacant property, and GIS data mapping aimed at helping members provide service that is accurate, efficient and compliant.

As a NAMFS member, SiteCapture, formerly FotoNotes, is delighted to provide mortgage field service companies with technology and expertise to meet client expectations and assist with legal and regulatory requirements. Contact us to learn how.

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