Summary Of Full ' High Risk ' ( M3 ) Surveillance Oversight Essay

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Summary of Full “High Risk” (M3) Surveillance Oversight

High Risk Asset Management - Routine oversight for all servicers

o Foreclosure Management
 Timeline management (stalls, delays, reprojections)
 Identification of internal issues such as delays in document execution, delays in judgment figures
 Foreclosure restart reviews (numerous issues where Servicer has requested a restart that was not warranted and denied by RMS with a positive resolution)
 Third Party Funds. RMS must follow up on the receipt of third party funds as we have found instances where the third-party foreclosure funds are delayed due to the foreclosure firms not working with the necessary entity to obtain the funds or vacate the foreclosure sale within the required timelines

o Bankruptcy Management
 Assignment delays and other stalls
 Delays in proceeding with MFR

o Loss Mitigation Management
 Loan-level review for servicer strategies
 Identification of campaigns (e.g., blind mod, DIL, short sale)
 Review of all loss mitigation submissions by servicer with approval, denial or counter (based on approval waterfall)

o Litigation Management
 Monthly calls with Servicer’s legal department to review contested foreclosures and litigation
 Frequently we identify delays where we take steps to resolve the issue (e.g., affidavits from prior servicers, docs from prior servicer)

o Hold Management
 Monthly call to review all holds including doc, stated “court delays”

o Collateral Oversight and…

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