The client required a servicing organization to take over the operation of its home equity conversion mortgages (HECM) and subordinate note servicing for their portfolio. The portfolio needed to be transferred within 90 days, with an immediate need to clear severe backlogs and improper handling of reverse mortgage and subordinate mortgage portfolios. The client sought a provider with deep domain expertise in the mortgage industry, who would ensure regulatory and contract compliance through development of new policies and procedures.
Sutherland built a comprehensive solution to take over the operation of the client’s HECM and subordinate note servicing. In just 90 days, Sutherland transferred the client’s entire portfolio, consisting of 1 million HECM loans. Core services to take on this portfolio included customer care and support, cash management, default services, loss mitigation, lien releases, tax monitoring, appraisal review, and more. A blend of the client’s systems and platforms owned by Sutherland were leveraged to effectively handle processes for the US government insurance program.