Due diligence on third party suppliers
At last we are seeing significant uplift activity within lenders in the generation of new residential mortgage business and the time will soon come when the “spotlight” turns to the servicing of these loans as volumes increase. Historically, within lenders, increased volume has resulted in either a less than stringent focus on the quality of […]
Regulatory Update – Ireland
In the UK the face of regulation has changed dramatically and the implementation of the Mortgage Market Review (MMR) in April 2014 adds to the issues lenders need to consider. In Ireland, lenders have also faced a barrage of new or amended regulatory requirements and we are taking the opportunity to list some of the […]
Are customers getting a fair hearing?
It is not easy ensuring that operations areas within lenders and servicers are adhering to internal or external standards when dealing direct with consumers, particularly by telephone contact. There is a potential minefield of regulatory and compliance issues to consider. And with hundreds of call centre staff to supervise, how can organisations ensure their representatives […]
Regulatory changes – putting the consumer first
Whether holding asset or actively lending, it is vital that businesses are putting the consumer at the heart of their business models and strategies. The Financial Conduct Authority (FCA) suggests that this fundamental principle may involve “making cultural changes that promote good conduct outcomes throughout the business”. Firms must establish appropriate oversight and governance around […]
Tick Box Underwriting
We have noticed an increasing number of articles in the trade press aimed at persuading lenders to move away from ‘tick box’ underwriting to a more personalised approach to assessing loans. The general concern seems to focus on the issue of a number of loans being turned down for being slightly outside the lender’s usual […]
Lenders under pressure?
The Central Bank of Ireland (CBI) recently published results for 2012 and preliminary data for the first quarter of 2013, which showed a lower growth rate than expected and suggested a only a ‘muted recovery’ in activity for this year. Specifically within the banking sector, the report shows improving liquidity and deleveraging, but there remain […]
Data Integrity Verification – our recent experience
Since expanding operations into Ireland and Spain, we have undertaken a number of loan book audits on behalf of purchasers. We have been involved in the assessment of a wide variety of loan book types, including prime rmbs, cmbs, auto financing and unsecured, and a common trend throughout the audits executed is a significant level […]
Selecting and monitoring your third party suppliers – a case study
We have previously reported on the importance of carrying out due diligence on suppliers. Behind any well-presented “sales pitch” by suppliers is the seemingly obvious need to ensure that your individual business requirements can be accommodated within your chosen supplier’s processes. We have been in dialogue with one of our customers who commented on the […]
Jackson Reforms – our view
The ‘Jackson reforms’ have now been implemented. Although primarily aimed at an overhaul of personal injury litigation, the reforms will have consequences for all commercial litigation. Despite the fact that expert evidence only plays a minor part in such litigation, a number of the changes will directly affect, and should benefit, professional expert witnesses. One […]
Trust v Verification
There is high trust factor involved when you work with different Master Servicers in different jurisdictions. It is very common in the industry to reach agreements with a “Skin in the Game” approach, where profits are shared once targeted internal rate of returns or recovery rates are achieved. Due to the complexity of running several […]
