A recent document from the Federal Deposit Insurance Corporation (FDIC) titled “Supervisory Insights” covers findings from an interagency review of default servicing processes and offers examples of effective mortgage servicing practices. The reviewers found shortcomings in a number of servicers’ procedures. The FDIC also recommended that “… these institutions maintain adequate oversight for third party activities and quality control over those…services provided through third-party arrangements.”
Quality Claims is committed to the highest industry standards. Although the FDIC report did not reference
hazard insurance recovery, we believed it was important to examine our own operations to ensure we performed to the highest standards in accordance with the FDIC document and recommendations.
One of the critical points raised in the findings related to properly trained, adequately staffed operational units. Our team has average industry tenure of 15 years; our management team averages 20 years. All our adjusters are fully licensed in multiple states, and we serve on several national industry executive boards. The successful work environment at QCMC is demonstrated by our extremely low turnover rate, at 0% for management and 3% for staff, since our inception four and a half years ago. In addition, we are able to effectively handle volume fluctuations through partnership with our sister companies.
Some of the weaknesses described in the FDIC report include inadequate policies, procedures, monitoring, and oversight; inadequate compliance with legal requirements and lack of maintenance of sound operating environments.
Quality Claims employs our own on-staff technical writer and all policies and procedures for each staff member and function are meticulously documented and available for reference on our company intranet. We are compliant with applicable laws in all states that require public adjuster licensing (including Puerto Rico). Every claim is managed from start to finish by a licensed adjuster with secondary reviews on larger claims by our senior adjusters. Each carrier’s settlements are scrutinized and disputed where appropriate.
Recent Consent Orders issued to servicers by their regulators require servicers to undertake a comprehensive third- party review of risk in servicing operations. The remedies listed by the U.S. Attorney General in Settlement Terms also require that a ”…servicer shall regularly review and asses the adequacy of internal controls and procedures… “
Quality Claims recognizes the importance of third party audits stressed in the FDIC report and has achieved an SAS 70 Type II compliance certification. The Consent Orders also promotes “adequate staffing and systems for tracking borrower documents and information that {is} relevant to foreclosure, loss mitigation, bankruptcy, and other servicer operations.” From the initial referral to final claim payment, our proprietary system has the ability to track, note and document each step of the claim process.
To continue to add value for our clients and realizing the necessity that servicers will be increasingly focused on compliance and efficiencies, Quality Claims has expanded its services to include:
· Mortgage Insurance Claim Management
· Loss Draft Processing
· Claims Audits & Oversight
· Property Preservation and Inspection Process Consulting
All consulting and process reviews will result in the completion of formal, documented policies and procedures manual.
To quote the findings report “The FDIC evaluates activities conducted through third-party relationships as though the activities were performed by the institution itself. “ Quality Claims believes the integrity and diligence we bring to our work can give your company confidence that your expectations for effectiveness and best practices are being met by your hazard insurance recovery provider.
Quality Claims Management Corporation's
professional insurance recovery group manages property claims on behalf of investors and mortgagees. We employ a licensed adjusting team including 4 members with CPPA designation of only twenty five nationwide.
Through knowledge, experience, and diligence, we reduce your loss severity and increase your net result.
http://www.qualityclaims.com/
866-450-1183
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