AllRegs has over 20 years of experience in the mortgage industry, providing underwriting guidelines, compliance commentary, and publishing services. AllRegs can develop a single policy and procedure manual or a comprehensive series of guidelines or policies. These can include the following:
Contact an AllRegs account executive for a personalized consultation.
Credit Policy Development
Conveys high level policy information (see policy manual) focused specifically upon Credit Risk Management and related matters which guide portfolio creation. Frequently, other related documents like underwriting and product guides or matrices are cited synonymously when, in fact, they are only related or under common management. In addition to high level risk management issues like a minimum FICO score, geographical restrictions or not lending to corporate borrowers, Credit Policy may also address other requirements like second level reviews for adverse action or CRA impact requirements. Changes to credit policy tend to be less frequent as they are responding to quality control issues, regulatory changes, portfolio performance and market appetite.Minimum Project Time - 35 hours
For services that fall outside of the menu items provided, an AllRegs Account Manager with appropriate Professional Services staff will work with the client to determine if the engagement is within scope for a custom project, which will be processed through a traditional proposal and pricing bid.Minimum Project Time - Minimum project time for any custom project is 40 hours
Lending Guide Development
The Lending Guide provides operational and transactional guidance to lenders producing loans in a retail environment. Lending Guides offer an alternative to simply posting matrices and releasing bulletins to communicate with origination staff.At AllRegs, a Lending Guide may include
- Regulatory Compliance (summary format)
- Borrower eligibility
- Transaction eligibility
- Property eligibility
- Underwriting process
- Quick reference guides
Product Guide Development
Product Guides provides loan level product specific eligibility and qualification requirements. Most commonly presented in matrix or tabular format, they are the product information the majority of users are accustom to reading. This is also the information which experiences the greatest rate of change with updates occurring as frequently as daily. We recommend that a product guide focus upon what distinguishes that product from standard requirements rather than reciting each eligibility element repeatedly across multiple products.
The scope of such a project will vary with the number of products offered, the depth of information to be presented and the format in which the information is presented. Overlay or presenting the variances to established guidelines is simplest. The more data conveyed the larger the project scope. Format also impacts budget. While common and desired for many reasons, table or matrices require more development time than narrative formats.
Minimum Project Time - 30 hours
Seller Guide Development
A Seller Guide is a large document or collection of content which may include any and all information related to originating or selling loans (doing business) with your organization. Similar titles may include wholesale, broker, correspondent, or TPO guide. A Seller Guide may contain:
- Seller’s eligibility and performance criteria
- Registration, pricing and delivery requirements
- Appraisal and property standards
- Representation and warranty obligations
- Contractual requirements or related references
- Regulatory compliance requirements
- Product guides
Because product or program guides are integral to the wholesale and correspondent channels, they are included within the Table of Contents with the expectation that these guides currently exist and may be either referenced (linked) or included directly within the guide. The approach selected may impact the development budget. AllRegs development of product or program guides is not included within the Seller Guide development and may be undertaken as an additional project.
It is expected that the client has legal counsel to support the drafting of custom content such as contracts, representations and warranties. AllRegs does not provide legal services and the authorship or validation of such documents is out of scope.
AllRegs will review, reformat, and style client’s supplied content for inclusion in the Seller Guide.Minimum Project Time - 45 hours
Servicing Guide Development
Servicing guides are an essential and required part of any servicing operation. The CFPB and other regulators now audit for regulatory compliance through review of policies and consumer complaints. A comprehensive servicing guide will help your operation run more smoothly and serve to document policy and process for auditors.
Servicing guides are complex, less defined by the agencies and more unique to each servicer. As such, existing policy and process must be incorporated into the guide as part of the development process. The base guide includes comprehensive information related to servicing or administering conventional loans on behalf of an agency or investor. Additional content is available to address servicing of loans for FHA, VA, USDA and Ginnie Mae. A Servicing Guide may contain policy and processes for the following:
- Fiduciary Responsibilities
- Custodial and Remittance Responsibilities
- Transfer Requirements
- Payment Processing
- Customer Service and Compliant Handling
- Delinquency Management and Default Prevention
- Foreclosures, Conveyances and Claims, Acquired Properties
Underwriting Guide Development
This project option focuses upon loan analysis and related underwriting requirements including borrower, transaction and property eligibility as well as appraisal requirements. Because product or program guides are integral to the underwriting function, they are included within the Table of Contents with the expectation that these guides exist and may be either referenced (linked) or included directly within the guide. The approach selected will impact the development budget with the referenced product guides being the least time intensive. Development of product or program guides is not included within the Underwriting Guide development and may be undertaken as an additional project.
The Table of Contents also represents options for content related to the underwriting of FHA, VA, USDA, and Reverse (HECM) mortgages. While any and/or all of this content may be included within the underwriting guide under development, each of these will increase the budget incrementally and are not included within the minimum project time.
The minimum project time contemplates development of an underwriting guide including chapters 1 through 7 and 12.Minimum Project Time - 35 hours