Description
Loan Servicing and Loss Mitigation Monitoring™ services analyze the loan servicing and loss mitigation decisions of financial institutions. The analysis determines if there are substantial disparities in loss mitigation options, decision processing times and completion of foreclosure actions, between prohibited basis groups and non-prohibited basis groups.
Uses
- Provides a means of monitoring foreclosure activities to ensure there are no disparate treatment or disparate impact issues.
- Demonstrates that the institution is not treating protected basis applicants differently than non-protected basis applicants.
Benefits
- Monitors to ensure protected basis applicants are not being treated differently with respect to loss mitigation options, decision processing times and foreclosure actions.
- Where applicable, monitors to identify where benefits received (such as a reduction in interest rates) are similar for similarly situated applicants.
- Monitors to ensure the frequency that non-protected basis applicants are granted loss mitigation options is not statistically different than the frequency that protected basis applicants are granted loss mitigation options.
- Tests to ensure the processing times for non-protected basis applicants are not statistically different than the processing times of protected basis applicants.
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