Questionnaire For Engaging A Mortgage Servicer
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5Questionnaire for Engaging a Mortgage Servicer
Company / Servicer Name:
Satisfied with company
Notes and Explanation of Affiliate’s Role if
SERVICER OWNERSHIP
Actions
Y/N
Applicable
Request the name of
- Research the company's name via internet to
company? (Please include
determine if any negative information has been
corporate name if you use a
posted or published. (suggested sites -yelp,
d/b/a/)
better business bureau, and a general google
search is also useful)
- Company name should be run against the Office
Inquire as to the year and
of Foreign Assets Control (OFAC) Specially
state of incorporation.
Designated Nationals (SDN) list (Federal law).
Request the identify of
owners. If company is a
division/subsidiary of a parent
Research each owner / principal, as above. In
firm, also request all
addition to the above sites, LinkedIn is also a
information for the parent
good site to obtain information.
company and get a clear
-Principals should also be checked against the
understanding of their
OFAC SDN data base
relationship.
Request the identify of
if you use a background check company, they are
principal shareholder(s) and
able to perform this check
whether there were any
changes during the past five
years.
Request the street address of
main office and, if different,
Consider whether any of the location may
offices that would handle
different aspects of servicing
present a challenge for Affiliate's operations -
delay in payment, reaching location etc.
your portfolio. Inquire
infomation of each office’s
responsibilities.
Notes and Explanation of Affiliate’s Role if
SERVICER GOVERNANCE
Actions
Y/N
Applicable
Request an org chart of the
For informational purposes - Does the structure
mortgage servicing
provide for segregation of duties?
department.
Inquire if the servicing
Consider this information when deciding on
company has an independent
whether the company will be a good partner.
board of directors that are
Consider if the ownership and board structures
unrelated to the stockholders
are set up to ensure good governance,
and/or board of the parent
independent oversight of management, and avoid
company?
potential conflicts of interest?
Request the two most recent
- Review the reports in detail, if there is anything
Statements on Standards for
that is unclear, ask the company to clarify. In
Attestation Engagement
cases of non-conformances identified in the
(SSAE) 16 audit reports.
report, follow-up with company to determine
action plan and outcome - has the issue been
corrected?
- Conduct a search of the firm that completed the
audits to determine if they are reputable.
Generally you will be provided with the
attestation letter, which will identify any non-
Request the two most recent
conformances. As above, follow-up with
Uniformed Single Attestation
company for anything that is unclear.
Program (USAP) audit.
*With the SSAE 16, USAP and financial audits, it
can be helpful to compare these documents for
multiple servicers.
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Parent category: Life