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The (OCC) reviews uncovered critical weakness… oversight and monitoring of third party law firms and other vendors…examiners found that most servicers had inadequate training programs… staff lacked sufficient training in their position….. ineffective compliance management.–Office of the Comptroller of Currency, Interagency Review of Foreclosure Policies and Practices

Current and expected regulatory compliance requirements and loss mitigation challenges are pressing servicers to address shortages in well-trained, experienced staff.–Mortgage Servicing News

First and foremost, by ensuring that law firms are adequately staffed and trained. Proper procedures need to be documented, and meaningful lawyer involvement and review is critical.–Mortgage Orb

Regulation and the need to ensure full compliance month-over-month is affecting the mortgage servicing process.–Mortgage Servicing News

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