Opus CMC is the industry’s most trusted service provider for due diligence. Our client centric approach to loan servicing due diligence yields high quality results driven by the unique standards of each client.
The servicing industry landscape has been reshaped tremendously by market forces and regulation. Current regulations related to BASEL III have created a need for due diligence and advisory for servicing companies. Banks have a desire to improve capital efficiency and explore MSR sales in order to implement this strategy. As the purchase market strengthens, demand for valuation modelling and servicing transfers grows along with it. Servicing quality control measures are being sought by lenders as they strive to keep pace with the industry’s regulations and upticks in market demand.
The highly seasoned team of professionals at Opus CMC is committed to delivering accurate and actionable results. Our consistent delivery of these exacting standards are core drivers of our client’s success.
Opus CMC’s Operational Reviews assist clients in navigating consumer financial laws related to their servicing business. Additionally, Opus CMC tests for compliance with underlying regulatory, agency and secondary market investor requirements.
Previously, regulator focus had been on the larger financial institutions. More recently, there has been a shift towards “non-bank” servicers and smaller community banks. Servicing compliance has experienced a tremendous amount of change in the past several years and continues to evolve. Regulators are more closely monitoring servicing transfers, evaluating stricter compliance rules, and stepping-up claims of discriminatory practices and disparate treatment of consumers. The 2010, passing of the Dodd-Frank Act resulted in the creation of the CFPB, whose sole mission is protecting consumers. Further oversight from the OCC, Federal Reserve Board, the FDIC, state Attorney Generals, and the DOJ have increased legal actions exponentially. Resulting consent orders and financial penalties require adherence to these laws and best practices established by the regulatory entities. Ensuring compliance with laws, regulations and internal polices is more complex and costly than ever before.
Opus CMC’s scope of review includes all loan servicing functions including: Loan boarding, data integrity audit, servicing transfers, RESPA and TILA compliance, document tracking and customer service. Additional attention is paid to higher risk functions such as default management, collections, loss mitigation, foreclosure, bankruptcy, resolutions, and asset management.
Loan Boarding/Servicing Transfers
During the loan boarding process, there is ample opportunity for error due to the logistics of transferring large amounts of data and documentation associated with the sale or acquisition of mortgage loans. Mortgage servicers lose paperwork, lose track of a homeowner’s loss mitigation plans, and may hinder a consumer’s chances of saving their home from unnecessary foreclosure. Regulators have publicly expressed a heightened concern about these practices given the large number and size of recent servicing transfers.
Default Management
Federal regulators rely on laws, such as the Fair Debt Collection Practices Act (FDCPA), to ensure servicers are in compliance with collection activities as outlined in the FDCPA. These practices govern both third-party collection agencies, as well as, servicer collection activities. Violations of the FDCPA, allow a consumer to sue a servicer for physical distress, emotional distress, lost wages, wage garnishment recovers, statutory damages, and recovery of attorney costs and fees.
Bankruptcy and Foreclosure
As with default management, federal laws help regulators enforce the proper treatment of consumer’s in bankruptcy and/or foreclosure proceedings. Laws, such as the Soldier and Sailors Relief Act, in some cases, overlooked by a servicer and have extreme consequences. Bankruptcy proceedings create an automatic stay of foreclosure proceedings and are very prevalent in today’s market to help curb the foreclosure of a consumer’s home. Foreclosure laws vary from state to state and are very complex and subject to change.
Servicing Compliance
Previous regulator focus has been on the larger financial institutions; however, there has been a shift towards “non-bank” servicers and smaller community banks. Servicing compliance has experienced a tremendous amount of change in the past several years and continues to evolve. Regulators are more closely monitoring servicing transfers, evaluating stricter compliance rules, and stepping-up claims of discriminatory practices and disparate treatment of consumers. The 2010 passing of the Dodd-Frank Act resulted in the creation of the CFPB, whose sole mission is protecting consumers. Further oversight from the OCC, Federal Reserve Board, the FDIC, state Attorney Generals, and the DOJ have increased legal actions exponentially. Resulting consent orders and financial penalties require adherence to these laws and best practices established by the regulatory entities. Ensuring compliance with laws, regulations and internal polices is more complex and costly than ever before.
Operational and loan level compliance reviews based on various regulations like TILA, RESPA, and agency/ investor guidelines to identify process and asset level deficiencies across the following areas of servicing:
Servicing transfers, loan ownership transfers, and escrow disclosures
Payment processing and account maintenance
Consumer inquiries, complaints, and error resolution procedures
Maintenance of escrow accounts and insurance products
Operational and loan level compliance reviews based on various regulations like FDCPA, TILA, RESPA, and agency/ investor guidelines to identify process and asset level deficiencies across the following areas of special servicing:
Collections and accounts in bankruptcy
Loss mitigation, early intervention, and continuity of contact
Foreclosures
Accessibility
Accessibility modes
Epilepsy Safe Mode
Dampens color and removes blinks
This mode enables people with epilepsy to use the website safely by eliminating the risk of seizures that result from flashing or blinking animations and risky color combinations.
Visually Impaired Mode
Improves website's visuals
This mode adjusts the website for the convenience of users with visual impairments such as Degrading Eyesight, Tunnel Vision, Cataract, Glaucoma, and others.
Cognitive Disability Mode
Helps to focus on specific content
This mode provides different assistive options to help users with cognitive impairments such as Dyslexia, Autism, CVA, and others, to focus on the essential elements of the website more easily.
ADHD Friendly Mode
Reduces distractions and improve focus
This mode helps users with ADHD and Neurodevelopmental disorders to read, browse, and focus on the main website elements more easily while significantly reducing distractions.
Blindness Mode
Allows using the site with your screen-reader
This mode configures the website to be compatible with screen-readers such as JAWS, NVDA, VoiceOver, and TalkBack. A screen-reader is software for blind users that is installed on a computer and smartphone, and websites must be compatible with it.
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Letter Spacing
Default
Left Aligned
Center Aligned
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Adjust Text Colors
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Opus CMC
Accessibility Statement
opuscmc.com
April 18, 2024
Compliance status
We firmly believe that the internet should be available and accessible to anyone, and are committed to providing a website that is accessible to the widest possible audience, regardless of circumstance and ability.
To fulfill this, we aim to adhere as strictly as possible to the World Wide Web Consortium’s (W3C) Web Content Accessibility Guidelines 2.1 (WCAG 2.1) at the AA level. These guidelines explain how to make web content accessible to people with a wide array of disabilities. Complying with those guidelines helps us ensure that the website is accessible to all people: blind people, people with motor impairments, visual impairment, cognitive disabilities, and more.
This website utilizes various technologies that are meant to make it as accessible as possible at all times. We utilize an accessibility interface that allows persons with specific disabilities to adjust the website’s UI (user interface) and design it to their personal needs.
Additionally, the website utilizes an AI-based application that runs in the background and optimizes its accessibility level constantly. This application remediates the website’s HTML, adapts Its functionality and behavior for screen-readers used by the blind users, and for keyboard functions used by individuals with motor impairments.
If you’ve found a malfunction or have ideas for improvement, we’ll be happy to hear from you. You can reach out to the website’s operators by using the following email info@opuscmc.com
Screen-reader and keyboard navigation
Our website implements the ARIA attributes (Accessible Rich Internet Applications) technique, alongside various different behavioral changes, to ensure blind users visiting with screen-readers are able to read, comprehend, and enjoy the website’s functions. As soon as a user with a screen-reader enters your site, they immediately receive a prompt to enter the Screen-Reader Profile so they can browse and operate your site effectively. Here’s how our website covers some of the most important screen-reader requirements, alongside console screenshots of code examples:
Screen-reader optimization: we run a background process that learns the website’s components from top to bottom, to ensure ongoing compliance even when updating the website. In this process, we provide screen-readers with meaningful data using the ARIA set of attributes. For example, we provide accurate form labels; descriptions for actionable icons (social media icons, search icons, cart icons, etc.); validation guidance for form inputs; element roles such as buttons, menus, modal dialogues (popups), and others. Additionally, the background process scans all the website’s images and provides an accurate and meaningful image-object-recognition-based description as an ALT (alternate text) tag for images that are not described. It will also extract texts that are embedded within the image, using an OCR (optical character recognition) technology. To turn on screen-reader adjustments at any time, users need only to press the Alt+1 keyboard combination. Screen-reader users also get automatic announcements to turn the Screen-reader mode on as soon as they enter the website.
These adjustments are compatible with all popular screen readers, including JAWS and NVDA.
Keyboard navigation optimization: The background process also adjusts the website’s HTML, and adds various behaviors using JavaScript code to make the website operable by the keyboard. This includes the ability to navigate the website using the Tab and Shift+Tab keys, operate dropdowns with the arrow keys, close them with Esc, trigger buttons and links using the Enter key, navigate between radio and checkbox elements using the arrow keys, and fill them in with the Spacebar or Enter key.Additionally, keyboard users will find quick-navigation and content-skip menus, available at any time by clicking Alt+1, or as the first elements of the site while navigating with the keyboard. The background process also handles triggered popups by moving the keyboard focus towards them as soon as they appear, and not allow the focus drift outside it.
Users can also use shortcuts such as “M” (menus), “H” (headings), “F” (forms), “B” (buttons), and “G” (graphics) to jump to specific elements.
Disability profiles supported in our website
Epilepsy Safe Mode: this profile enables people with epilepsy to use the website safely by eliminating the risk of seizures that result from flashing or blinking animations and risky color combinations.
Visually Impaired Mode: this mode adjusts the website for the convenience of users with visual impairments such as Degrading Eyesight, Tunnel Vision, Cataract, Glaucoma, and others.
Cognitive Disability Mode: this mode provides different assistive options to help users with cognitive impairments such as Dyslexia, Autism, CVA, and others, to focus on the essential elements of the website more easily.
ADHD Friendly Mode: this mode helps users with ADHD and Neurodevelopmental disorders to read, browse, and focus on the main website elements more easily while significantly reducing distractions.
Blindness Mode: this mode configures the website to be compatible with screen-readers such as JAWS, NVDA, VoiceOver, and TalkBack. A screen-reader is software for blind users that is installed on a computer and smartphone, and websites must be compatible with it.
Keyboard Navigation Profile (Motor-Impaired): this profile enables motor-impaired persons to operate the website using the keyboard Tab, Shift+Tab, and the Enter keys. Users can also use shortcuts such as “M” (menus), “H” (headings), “F” (forms), “B” (buttons), and “G” (graphics) to jump to specific elements.
Additional UI, design, and readability adjustments
Font adjustments – users, can increase and decrease its size, change its family (type), adjust the spacing, alignment, line height, and more.
Color adjustments – users can select various color contrast profiles such as light, dark, inverted, and monochrome. Additionally, users can swap color schemes of titles, texts, and backgrounds, with over seven different coloring options.
Animations – person with epilepsy can stop all running animations with the click of a button. Animations controlled by the interface include videos, GIFs, and CSS flashing transitions.
Content highlighting – users can choose to emphasize important elements such as links and titles. They can also choose to highlight focused or hovered elements only.
Audio muting – users with hearing devices may experience headaches or other issues due to automatic audio playing. This option lets users mute the entire website instantly.
Cognitive disorders – we utilize a search engine that is linked to Wikipedia and Wiktionary, allowing people with cognitive disorders to decipher meanings of phrases, initials, slang, and others.
Additional functions – we provide users the option to change cursor color and size, use a printing mode, enable a virtual keyboard, and many other functions.
Browser and assistive technology compatibility
We aim to support the widest array of browsers and assistive technologies as possible, so our users can choose the best fitting tools for them, with as few limitations as possible. Therefore, we have worked very hard to be able to support all major systems that comprise over 95% of the user market share including Google Chrome, Mozilla Firefox, Apple Safari, Opera and Microsoft Edge, JAWS and NVDA (screen readers).
Notes, comments, and feedback
Despite our very best efforts to allow anybody to adjust the website to their needs. There may still be pages or sections that are not fully accessible, are in the process of becoming accessible, or are lacking an adequate technological solution to make them accessible. Still, we are continually improving our accessibility, adding, updating and improving its options and features, and developing and adopting new technologies. All this is meant to reach the optimal level of accessibility, following technological advancements. For any assistance, please reach out to info@opuscmc.com or (224)-632-1300.
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