Aspen Grove Solutions Blog

The Aspen Grove Solutions blog is designed to make your life easier by giving you useful information on property servicing. If you work in mortgage servicing, property preservation or maintenance, you can rely on our decades of experience in the mortgage default servicing industry to keep you well informed.

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IMN: The 6th Annual Residential Mortgage Servicing Rights Conference

IMN conference
Date:
Mon Apr 15 – Tue Apr 16

Location: 
Conrad New York, 102 North End Ave, New York, NY 10282, USA

More Details:
IMN: The 6th Annual Residential Mortgage Servicing Rights Conference

IMN’s 2019 residential MSR conference promises to be another great opportunity for owners and administrators of mortgage servicing rights to get together and discuss the latest developments in their industry. Aspen is looking forward to being back in New York City for a day and a half of networking and discussion of the issues that matter to mortgage servicers.

IMN is promising a completely new program, again involving banks, servicers, and investors speaking at a range of sessions and small group meeting. Under intense regulatory scrutiny and facing low interest rates, the need for the $10 trillion MSR industry to meet and discuss relevant issues is undeniable.

More than 450 participants attended last year’s event, almost half of them from banks, non-bank originators, mortgage investors, hedge funds, and other institutional investors. This makes the IMN forum the key date in this year’s calendar for everything related to MSR.

IMN Residential Mortgage Servicing Rights Conference Agenda

Day 1

  • Overview of the Economy, Interest Rates, The MSR Market & Its Supply/Demand Dynamics and Cycle
  • C-Level Bank/Non-Bank Executive Panel- What Is Your MSR & Mortgage Strategy In This Low Origination Environment?
  • Measuring & Stress Testing MSR Volatility, Credit Loss, Liquidity Risk for Regulatory & Internal Purposes
  • Transaction Management-Issues Surrounding Purchase & Sale Agreements, Post Acquisition Integration & Trailing Docs
  • Pre-Hedging Decisions: Should you Hedge MSR Risk? What is the Performance & Cost of Hedged/Unhedged? Hedging MSR Exposure vs. Total Mortgage vs. Total Fixed Income Book?
  • Financing in the MSR Market
  • Delinquent Loan Projections & Strategies
  • Challenges of a Daily Valuation Framework: What are we Focusing on in 2019?
  • Buying a Mortgage Servicer/Originator vs. Rights vs. Subservice

 

Day 2

  • Sub Servicing: Kicking Off & Managing the Relationship
  • Strategies to Identify & Retain More Customers in the Age of the Digital-First Home Shopper
  • Co-Issue Transactions
  • MSR Hedging Instruments, Methodologies & Execution
  • Buyer/Seller Shark Tank: Featuring 2 MSR sales pitched to potential buyers followed by a Q&A period for each of the transactions.
  • MSR Investors Panel: Looking at Mortgage Relative Value, Yield & Potential Upside

Will you be at IMN in New York this April? See you there!

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MBA National Mortgage Servicing Conference & Expo 2019

MBA ConferenceMBA’s National Mortgage Servicing Conference & Expo is one event you cannot miss if you have any connection to the mortgage servicing industry. This year, it is scheduled to take place from February 25 through 28 in sunny Orlando, Florida—yet another incentive to attend!

You get to meet thousands of servicers from every background at the annual MBA Conference & Expo. Savvy servicers prioritize this conference because of the scope it gives them to network with their peers, share their experiences, and find out what is new in their area.

With compliance now less of an issue for the industry right now, servicers should be looking for opportunities to save money and streamline their operations to make sure they are functioning at maximum efficiency. They need to know the direction of the industry so that they can be prepared and ahead of the competition when change happens.

Who is the MBA Conference & Expo for?

Anybody connected to the residential mortgage loan servicing industry should attend. Whatever your scale, business model type, or position in the industry, you need to be there. Participants include all levels of management and staff in the areas of servicing, default, and customer service, as well as attorneys, service providers, and other vendors.

Will Aspen Be There?

Yes! We wouldn’t miss it. Our team will be attending sessions and meetings throughout the conference. Be sure to say hello.

What’s in Store for Attendees?

If you want to learn, you won’t be short of opportunities. The schedule is packed with sessions, workshops, and roundtable discussions on everything from state mortgage servicing rules and concepts in residential mortgage servicing to property preservation and natural disasters. You will also find a range of product showcases to get you up-to-speed on the latest developments in your area. Quite apart from the organized events, the MBA Conference & Expo is invaluable for the opportunities it provides for engaging with peers, clients, and prospective customers.

Are CLE Credits Available?

Servicing19 qualifies for up to 13 CLE credits upon approval by applicable state bar licensing entities.

 

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Five Star Conference & Expo 2018

The theme of this year’s Five Star Conference and Expo was “Rise Above,” and the event certainly reached new heights in 2018. Billed as “an integral source of information, collaboration, and progression for the housing and mortgage industry,” Five Star’s 15th annual conference lived up to the hype. Aspen was a star sponsor, and we had a busy three days of events, meetings, and fantastic opportunities to celebrate the heroic work of the U.S. military.

5 star conference 2018Private reception for veterans

Sunday’s first event was the Single Family Rental Roundtable, followed by key FORCE networking events. Mindful of the immense contribution that our military heroes make to this country, Aspen was proud to host a private reception for veterans that evening. Operation Homefront CEO John I. Pray Jr., Brig Gen (ret), USAF, addressed the military families assembled. Operation Homefront provides emergency financial, housing and supportive family services to military and veteran families.

 

Sean Ryan Speaks at Servicing & Compliance Lab

The Legal League 100 Fall Servicer Summit took up Monday morning, with the American Mortgage Diversity Council Fall Meeting taking place after lunch. Later that afternoon, top mortgage servicing professionals presented new strategies to enhance operations, manage costs, service homeowners, and safeguard portfolios from embedded risk at the Servicing & Compliance Lab.

Aspen CEO Sean Ryan was among the speakers, as were representatives of Auction.com, Fannie Mae, Mr. Cooper, Freddie Mac, the Bureau of Consumer Financial Protection, and EY. Topics for discussion included the state of the servicing industry, the outlook for the year ahead, current rules and regulations governing the industry, and the influence of innovation on servicing. Speaking about technology, Sean Ryan pointed out that “apps like Amazon, Uber, Spotify—those are the types of experiences consumers are looking for, and that is what we must try to provide.”
5 star conference 2018

Keys for Life Reception

Later that evening, Aspen was delighted to co-host the Keys for Life reception, an annual favorite that pays tribute to the exceptional bravery and sacrifice of U.S. military veterans and their families.

Five Star presented its Lifetime Achievement award to two recipients: the late Robert Klein of Safeguard Properties and Caliber Home Loans’ Marion McDougall.

Then came the event that gives Keys for Life its name: the gifting of mortgage-free homes to five U.S. military veterans and their families, thanks to JPMorgan Chase, Auction.com, and Operation Homefront.

With singer Leann Rimes providing the entertainment (as well as five signed guitars that were auctioned in aid of Operation Homefront), the evening ended on a high note.

5 star conference 2018

Women in Housing Lunch

The highlight of Tuesday’s event for Aspen was the Women in Housing Banquet, which we co-hosted with Freddie Mac, McCalla Raymer Leibert Pierce, and Weathercheck. This is the first year of the event, but, judging by its success, it looks like a tradition that will continue. Celebrating the achievements of women in the mortgage servicing and housing industries, it saw five business leaders receive the 2018 Women in Housing Leadership Awards, the Keystones.

In his opening address at the banquet, Ed Delgado, President and CEO, Five Star Institute said that the inaugural Keystone awards celebrated the leadership of the women in the industry. “Our business is complemented by women who exemplify characteristics that strengthen and support the industry through their leadership,” Delgado said.

The Rising Business Leader Award honors individuals with under a decade of consecutive industry experience who have shown an exceptional ability to lead and drive progress. It went to Courtney Thompson, Director, Default Oversight and Operations, at Flagstar Bank.

The Cultural Leader Award went to Charmaine Brown, Diversity Director at the Office of Diversity and Inclusion at Fannie Mae. Miriam Moore, who is Division President at ServiceLink, took home the Keystone for Community Leadership. The Diversity and Inclusion Award was presented to Susan Somersille Johnson, CMO, SunTrust.

Marcia Davies, COO of the Mortgage Bankers Association, was honored with the Laurie A. Maggiano Legacy Award, which was named after the late industry icon whose illustrious career had a huge influence on housing. The banquet also featured a keynote address by Mrs. Laura Bush, First Lady of the United States (2000-2009).

Conclusion

These are just some of the key events in which Aspen had a leading role. The conference also proved to be a richly rewarding experience in terms of networking and educational opportunities. We’re already looking forward to next year.

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TLS Notification

TLSOverview

On June 30th, 2018, the Payment Card Industry Data Security Standard (PCI DSS) will enforce the disablement of TLS versions 1.0 and 1.1. To ensure compliance, Aspen Grove Solutions will support this change ahead of time on May 15th in a phased approach covering all systems.

Why the change?

This is a positive security enhancement to enable the protection of credit card information over a secure channel.

When will this change happen?

This is a phased approach across all systems, beginning on May 15th and scheduled to finish for June 20th, 2018. For more specific information on a system, please contact security@aspengrovesolutions.com.

How will this affect me?

Users operating unsupported browsers or operating systems may be affected by this change.

Please check using the handy link below to see if your current browser is supported:

https://www.ssllabs.com/ssltest/viewMyClient.html

Most Aspen customers using modern browsers and operating systems will not be affected.  Only very old browsers and operating systems will be unable to make connections using the newer TLS protocol.  Beginning May 17th, 2018, it will be necessary to use an operating system and browser capable of connections using TLS 1.1 or higher.

See the list below for minimum required versions:

Compatible Operating Systems:

Windows 7
Windows 8
Windows 8.1
Windows 10
Windows Server 2008 R2
Windows Server 2012

Compatible Browsers:

Chrome v22 or higher
Firefox v27 or higher
Internet Explorer 8-10 (if TLS 1.1 is enabled)
Internet Explorer 11 and higher (TLS 1.1 is enabled by default)
Safari v7 or higher
Edge

Compatible Mobile Browsers:

Chrome on Android Jelly Bean 4.1-4.3.1 and Android KitKat 4.4-4.4.4 (if TLS 1.1 is enabled)
Chrome on Android Lollipop 5.0-5.0.2 and higher (TLS 1.1 is enabled by default)
Safari v5 and higher
Internet Explorer Mobile on Windows Phone 8 (if TLS 1.1 is enabled)
Internet Explorer Mobile on Windows Phone 8.1 and higher (TLS 1.1 is enabled by default)
Edge all versions
Opera 12.18 and later.

What can I do if I’m not compliant?

Non-compliant customers must update their browser or operating systems to one of the supported systems listed above. Customers will not be able to connect to any global systems accepting credit card payments after June 30th.

Questions

If you require further information or have any questions please don’t hesitate to ask by emailing security@aspengrovesolutions.com or contacting our customer care team on 240 8959 200.

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Background Checks: Protecting the Mortgage Servicing Industry

aspen irecordCompliance pressures, increasing costs, and other issues can make it difficult to find peace of mind in the mortgage servicing industry. With the industry standard background check and proof of service, however, Aspen iRecord® makes things easier. We give service providers the tools to control and manage vendors and work orders and help field service professionals streamline the process of inspection and preservation. Associating every background-checked vendor with a unique ABC#, Aspen has helped solve an industry-wide problem. GSEs and servicers, NAMFS, and field services vendors have adopted and endorsed the Aspen iRecord® solution. This robust solution addresses the specific problems facing the mortgage field service industry:

  • Exposure to fraud
  • No clear line of sight to the individual(s) who worked on your property and whether they posed a risk to consumers,
  • No generally accepted set of requirements
  • Cost of multiple checks
  • Confusion and risk associated with a lack of common standards
  • Significant dollar leakage

The Aspen Background Check Solution

With Aspen iRecord®, mortgage servicers, service providers, and field service professionals win. Our solution addresses:

  • cost control and recovery
  • vendor oversight
  • reputational risk
  • compliance risk
  • quality
  • community safety

What’s Covered by the Industry Standard Background Check?

The industry standard background check resulted from collaboration between Aspen Grove Solutions and an industry working group set up in 2013. They agreed on a background check that covers the following:

Social Security Number Verification

The background check company verifies the applicant’s social security number to determine whether the social security number has been used fraudulently. They also identify locations where an applicant has lived that they did not list on their application.

Felony & Misdemeanor County Search 

The background check company conducts a county-level search for felonies and misdemeanors. They do not include infractions and traffic violations.

Sex Offender Database Search (State & National)

This covers a state-specific registry that contains information on sexual offenders who are obliged to register in the state in which they reside

National Criminal Record File Search

This searches the database of fugitive files and government watch lists, sex offender registries, state and county criminal record repositories, state departments of corrections, and administrative offices of the court.

Federal Criminal Search

The federal criminal search checks the U.S. District Courthouse. Bank robbery, bank fraud, and kidnapping are among the federal criminal cases that could be uncovered.

Global Sanction Search

The U.S. and foreign database sanctions that this search covers include Office of Foreign Asset Control (OFAC), FBI Most Wanted List, Terrorist Exclusion List, Denied Parties, and World Debarred Parties Lists.

Levels of Compliance

Once the background check company conducts all searches and completes the background check, the applicant is classified according to four individual compliance levels:

  • IC01: This is the highest level of compliance. The client tolerates certain minor crimes and convictions, but the applicant must have a clean record for at least a decade within the criminal charges screened for.
  • IC02: This is the level below IC01. The client is more tolerant of certain crimes and types of convictions, but the applicant must have a clean record for between five and ten years for the criminal charge categories screened for.
  • IC03: The client has a greater tolerance of specific crimes and conviction types, but the applicant must have a clean record for between two and five years for the criminal charge categories screened for.
  • IC04: The highest tolerance level of crimes and conviction types.

How It Works

You can use Aspen iRecord® simply to order a background check, but take full advantage of Aspen’s solution by adopting its proof-of-service technology. The first step is to secure a background check. So how do you do this?

  1. Register with Aspen iRecord® and choose a background check company.
  2. Submit a contact for ABC# and background check, with consent.
  3. Once the background check is completed, it is adjudicated by the background check company.
  4. View the contact’s individual compliance (IC) result.
  5. Release the result to the contact’s Aspen account.
  6. Share compliance through network connections.
  7. The individual uses the ABC# to check in on site at the property.

Once the field service professional has been background checked and received their ABC#, they can be identified when they check in on site without revealing any personally identifiable information (PII). This means your network of field servicers can demonstrate their compliance in a confidential manner. After they have checked in, they update property condition questions and agree to a code of conduct. From the servicer and service provider’s perspective, Aspen’s proof-of-service technology improves oversight, accountability, monitoring, and risk management. Then, they can use our powerful iAnalytics tool to analyze the results.

The Benefits of Aspen’s Proof of Service Solution

Demonstrating proof of service with Aspen iRecord® offers benefits for mortgage servicers, service providers, field service professionals, and consumers. The system is backed by cutting-edge technology to create a streamlined process that saves time, money, and hassle.

If you are a mortgage servicer or service provider, you get the peace of mind that Aspen has defined best practice for the background check. You know you are compliant with regulations regarding the oversight of third-party servicers. You enjoy the consistency of relying on the same industry background check to satisfy different levels of compliance. You get full visibility of your supply chain with proof-of-service check-in at the property for added protection and transparency. This also limits your exposure to fraud and unnecessary charges.

From a field service professional’s perspective, one standard background check means you avoid the expense of having to get different background checks for different service providers. You know that one, accepted background check will do the job every time. You can also use Aspen iRecord® as a promotional tool to share your marketing profile

Communities are protected because only suitably background-checked individuals are permitted onto properties.

 

To Sum Up:

Aspen’s Background Check & Proof of Service Tell You:

  • Who did the work
  • Whether they were at the right property
  • When they were at the property
  • Whether they were sufficiently background checked
  • The condition of the property (10 binary questions)
  • Whether the work was done in accordance with code of conduct

You know:

  • You meet the industry standard
  • You have demonstrated level of control over third-party vendors
  • You meet standards of compliance and enforcement
  • You can answer auditor questions in a clear, documented approach