TOPIC: Vendor Management

Mortgage Subservicing

Director at a bank ($937MUSA)
We are looking to move our mortgage servicing to a sub servicer.  I was hoping to get some feedback from others that have done this and to see if anyone can share some information with me.
  • What obstacles did your staff or your customers have to over come?
  • Did you do a separate Sub Servicing policy or add verbiage to an existing policy (if so which one)?
  • Did you perform a risk assessment on the service if so can you share?
  • What procedures do you have in place for oversite of the sub servicer?
Thank you