Thursday, September 23, 2021
Home#OpNAMFSPolicies And Procedures: What The Institutions Are Looking For

Policies And Procedures: What The Institutions Are Looking For

Coming on the heels of a Mini Summit down in Florida several days ago, Foreclosurepedia was contacted by several large, institutional players to run some auditing on many of the Regional and Otherwise Unspecified Order Mills in the Mortgage Field Services Industry. The auditing pertained to Policies and Procedures (PP) specific for internal management including, but not limited to Disaster Plans. One of the most important and critical items for ANY FIRM operating in the Industry is having a clearly defined Operations Plan which is buttressed by PP which are drafted by proficient technical writers.

Risk is the NUMBER ONE item Institutional Firms look at before onboarding Vendors at the Portfolio Levels. In fact, lawyers and actuaries alike, have a complete niche dedicated to identifying potential pitfalls which may adversely impact their Clients.

The establishment of clear and concise PP specific to a Firm is vital to ensure that there is not a hodge podge of half assed actions taking place with respect to W2 and W9 assets under the umbrella of a Firm. The reality is that when discretion is left up to subordinates problems arise. More on point though and specifically when you look at the Altisource and HomeStar debacles, there was no clear and concise language with specificity to due diligence nor follow up thereof. Altisource, though, has implemented PP on steroids which is beneficial to they and their Clients; however, detrimental to their subordinates in the field.

With respect to Altisource, the tracking of the payment cycles — when Altisource actually makes payments — from Altisource to Prime Vendor to Labor is something which should have been standard operating procedure all along. In fact, this should be an Industry Standard! National, Regional and Otherwise Unspecified Order Mills are reeling, though, under what they perceive as an unfair regulatory burden — Yeah, not that the Industry has ever operated under the sanitizing effects of transparency like the rest of the Financial Sector.

With that said, I applaud Altisource for their stance on this. While I have many problems with how Altisource is handling their other issues, I feel it is important to point this out and am cautiously optimistic that others will follow suit.

In addition to PP, Portfolio Holders are beginning to demand compliance with email protocols. Microsoft 365 Live is a prime example with respect to Auditing Compliance. The fly by night firms with Gmail and Yahoo email addresses are already appearing on internal email listings to avoid like the plague. In fact, I spoke directly to a Founder of one of the largest and prominent Firms in the Industry whom stated,

I like what you do and the people you send us, but no one is going to play with them if they cannot even figure out how to properly brand their email.

Foreclosurepedia has been doing the DNS and MX Record relegations necessary to both brand email to company names — and create the websites if the company does not have one — along with the establishment of email migration from Gmail, Yahoo, etc. to Microsoft 365 Live with its Outlook format. More on point, though, many firms out there are still attempting to use bullshit like Squirrel Mail, Round Cube and other flavors as they believe that their own shared hosting email servers are valid. Nothing could be further from the truth. The reality is that when you have say 500K websites all using the same shared hosting and a quarter of them are spam, the IP Addresses become blacklisted. This means that some of your email simply never gets where it should.

Foreclosurepedia has successfully migrated 64 Firms over to the 365 Live Platform which embeds Microsoft Office on all desktops, laptops, tablets and smartphones. Yeah, many forget that the bootleg copy of Microsoft Office will get you both fined and ensure you loose your Contract(s) if you are caught. Feel free to reach out today if this is something that your Firm needs — the reality is that unless you are in the upper eleven percentile, THIS IS YOU! And make no mistake whatsoever, I have been commissioned to Audit on behalf of several large Firms so whether you are a Client or not, if your Firm pops up on the Penetration Testing, you are going to be addressed from On High.

More on this and other fast moving issues later this evening as I am in meetings all day and time posted this late last night. So, no Foreclosurepedia was not assassinated in Florida as many within the Regime may have hoped for. We have simply been on an insane travel schedule routing into the Midwest, Pennsylvania, South Carolina and then full circuit back to Florida in several weeks.

COVID Interview With Industry Veteran

Paul Williams
Linux addict buried deep in the mountains of East Tennessee.
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