October 2024

Conference Season, Industry Connections & Exciting Integrations

We are officially in the full swing of fall conference season. Our team made some great connections at The Five Star conference last month and is ready to welcome industry colleagues to our home base of Denver soon for the MBA Annual. Make sure to schedule a meeting with our team to discuss how Covius can help support your end-of-year and 2025 goals. Additionally, if you’re attending IMN’s MSR Forum next month in New York, I’ll be moderating a panel on Thursday, November 21st, titled “Seconds, RTLs, Home Equity & Other In Vogue or Alternative Products, Their Servicing & MSRs.”

In this month’s issue of Covius Connection, we take a closer look at why mortgage lenders should be cautious when it comes to AI, examine developments with Regulation X, announce a new integration with our Funding Suite credit reporting solution and welcome new Vice President of Business Development for our Clayton Servicing Oversight division, Zaira Rodriguez.

Pete Pannes
Chief Business Officer

Why Mortgage Lenders Should be Extremely Cautious with AI

While there is clearly tremendous excitement and optimism surrounding the use of AI in the mortgage industry, there are also significant concerns, particularly regarding customer privacy and lender exposure to regulatory, reputational and business risks. In her latest piece for National Mortgage News, Covius Senior Regulatory Counsel Kara Snow explains why lenders should be cautious when it comes to incorporating AI into their business models.

The Latest on Regulation X

The CFPB recently proposed updates to Regulation X aimed at streamlining the loss mitigation process and enhancing early intervention requirements for mortgage servicers. Check out the latest Covius Compliance Update video from SVP of Compliance Solutions Jennifer Keys. She discusses important aspects of the new updates to Regulation X and how they could impact your business.

Funding Suite is Now Integrated with ScoreNavigator

Covius is excited to announce that our Funding Suite credit reporting solution is now integrated with ScoreNavigator^®, an advanced credit score analysis and credit score improvement platform. The ScoreNavigator integration enables loan officers to analyze consumers’ credit, identify which tradelines are causing the largest point deductions in credit scores and then create action plans to help consumers improve their scores and qualify for mortgages. Consumers can opt to continue using ScoreNavigator to monitor and improve their credit on an ongoing basis.

Seeing an Uptick in Early-stage Delinquencies?

Early default intervention is a crucial step in offsetting the effects of payment defaults. With the number of different outreach methods used during the early default intervention process, it’s essential to remain compliant with regulatory requirements when it comes to communication frequency and content. Clayton Servicing Oversight provides a full suite of services to help servicers ensure compliance in day-to-day servicing activities on defaulted loans. Click here to learn more about Clayton’s experienced Servicing Oversight team and how they help servicers and subservicers measure their performance, validate regulatory and investor compliance and identify loan- and portfolio-level risk.

Clayton Servicing Oversight Welcomes New VP of Business Development

We’re pleased to share that Zaira Rodriguez has joined the Clayton sales team as VP of Business Development for Servicing Oversight. A 10-year Clayton veteran, Zaira formerly led Clayton’s Business Support Services team, and prior to this contributed as an account manager and quality control compliance analyst. Her experience in developing regulatory scripts and guides, custom operational review packages based on MPF, FHFA, MERS^® and other regulatory requirements, and her success delivering actionable results has given servicers an advantage. Zaira understands client needs and maps them to oversight solutions to ensure compliance with regulatory requirements and lower headline risk, including targeted performing and default-related loan-level file testing, operational assessments or readiness and ongoing portfolio monitoring. Many servicers will recognize her from annual conferences and Clayton’s published thought leadership. “I’m excited to join Covius’ sales team, directly tell Clayton’s story and assist servicers in being at their best operationally.” Prior to Clayton, Zaira worked in bankruptcy portfolio management and processing and was a professional court interpreter (English-Spanish). She is based in the Denver area.

Zaira Rodriguez
VP of Business Development,
Servicing Oversight

RealtyBid Supports the Carrington Charitable Foundation

RealtyBid was a proud supporter of the Carrington Charitable Foundation (CCF) through its annual Golf Classic fundraiser this October. CCF champions more than 100 nonprofit organizations through fundraising events, donation drives & volunteering. The Annual Carrington Charitable Foundation Golf Classic supports wounded veterans & their families.

Email Jason Tufaro to learn more about RealtyBid’s innovative auction solutions, including those designed for nonprofit organizations.

Upcoming Events

Catch us in a city near you!

VFSAC
October 21
Dallas, TX

CMCA
Oct. 22-25
Fort Collins, CO

FHLB
Oct. 23-25
Des Moines, IA

MBA Annual
October 28-30
Denver, CO

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