Specifications include, but are not limited to: 1. Review Servicer’s Policies & Procedures related to: a. Loan Processing and Origination b. Loan Servicing c. First Lien Mortgage Loss Mitigation and Default Servicing d. Second Lien Management and Recovery e. Loan Modifications f. Foreclosures 2. Conduct Audit and Quality Control Testing to ensure adherence to internal policies and procedures as well as industry best practices on: a. Loan Processing and Origination b. Loan Servicing c. First Lien Mortgage Loss Mitigation i. Delinquency Management ii. Foreclosures d. Second Lien Management and Recovery e. Historic Loan Modification activities 3. Reporting, Trend Review, and Root-Cause Analysis a. Map necessary curative actions b. Provide recommendations for ongoing improvement c. Provide Executive Summary of Findings 4. Forensic Analysis of Financial Impact to the Department due to Servicer’s specific performance and activities related to the following: a. Loan Processing b. Loss Mitigation Activities c. Delinquency Management d. Foreclosures e. Loan Modification Activities 5. MSR Valuation
