Gain greater control over your data with centralized reporting and tracking.
New regulations from the Consumer Financial Protection Bureau (CFPB) are creating an urgent need for mortgage servicers to not only ensure compliance, but also to prove compliance.
Proving compliance is all about demonstrating the ability to marry timelines and events into a discernible form – something that manual processes and record-centric systems can’t do very well. This means, for many banks, current approaches to compliance are likely to fall short in the new regulatory environment.
Leverage “Out of the Box” Functionality
CSC's EarlyResolution® Compliance can help you proactively manage, track and audit compliance with CFPB regulations. Available either as part of the EarlyResolution default management suite or as a standalone solution, EarlyResolution Compliance leverages CSC’s proven architecture and includes powerful business rules, a data transformation engine, and easy-to-use dashboards and reports.
EarlyResolution Compliance addresses Regulation X servicing rules for Early Intervention, Continuity of Contact, Loss Mitigation, and Information Request and Error Resolution. Focusing on these four regulations, the system measures and tracks 15 key metrics.
All compliance-related metrics are aggregated, controlled and tracked centrally, allowing you to monitor trends and problem areas, then identify gaps and mediate them in real time. EarlyResolution Compliance allows you to:
- Access intraday and historical data
- Respond quickly to auditors, management and customers
- Marry timelines and events from across your systems
- Easily prove compliance with accurate, easy-to-understand reports
- Improve daily managerial oversight.
EarlyResolution Compliance is delivered “out of the box,” fully configured with embedded rules to address key compliance requirements. CSC can also provide the data specs and the expertise to map your data to the EarlyResolution Compliance system. You can begin tracking and reporting to new compliance rules within a matter of weeks.
Stay Up-to-Date, Contain Costs
CSC delivers EarlyResolution Compliance as an As a Service offering. We maintain the responsibility of embedding new business rules to address new regulations as they are adopted. This allows you to offload the maintenance and costs associated with building and maintaining an internal reporting system.
With more than 10 years of providing rules-based default management solutions that keep pace with regulations, CSC has deep expertise and is well positioned to help mortgage lenders quickly gain and demonstrate CFPB compliance.