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End to End Solutions

Touching more than 10,000 files monthly, Recovco provides its business partners with a la carte choices for the fulfillment of a mortgage loan.

From set-up to loan processing, underwriting, closing, and funding, Recovco provides solutions to execute any or all phases of loan cycle, with high-touch customer service is unparalleled in the industry. Armed with proprietary business intelligence and data that enriches our business partners with real time decision making tools, Recovco provides 'best in the class' performance on agreed upon SLAs. Recovco's team of highly experienced mortgage professionals are recruited, trained, and certified to support a variety of loan services, from underwriting to quality control and timely document preparation.

Offerings include:

Loan Set-up | Processing | Valuations | Underwriting | Closing | Funding | Shipping | Quality Control | Due Diligence

Loan set-up
Electronic loan file set-up solutions include file preparation, credit and fraud check ordering, compliance verification and underwriting preparation.

Loan Processing and Underwriting
Processing and Underwriting solutions are typically performed under private label and as an extension of our business partners' current fulfillment activities. Recovco's underwriting team receives ongoing training to ensure thorough understanding and application of investor and lender underwriting guidelines. Every underwriter goes through a certification process and periodic assessments.

Field Reviews, Desk Reviews, Collateral underwriting and Quality Control of business partners' valuation business are just a few of the services performed.

Closing and Funding
Document preparation includes file prescreening and data integrity checks to ensure a loan is eligible for final closing docs. As part of this service, Recovco can order flood certs and insurance. Recovco can also run Section 32 (high cost) calculations in accordance with federal and state guidelines.

Trailing Documents and Shipping
Through its processing facility, Recovco collects original signatures, recorded mortgages and deeds of trust, and, together with the title insurance policy, ships them to the appropriate investor. Recovco can also reconcile investor lock with purchase advices if need be.

HMDA Audit
Solutions include analysis and reporting of HMDA data to ensure compliance with federal guidelines.

Quality Control
Pre and Post closing quality control services are assured through detailed, disciplined methodologies. Trained processors and underwriters follow checklists, strict operating procedures, and audit guidelines to ensure accuracy and file completeness. In addition, we perform random file audits as required by the investor and CFPB

Due Diligence
MSR trades, Jumbos, Performing and Non-Performing loans are reviewed by skilled professionals for compliance, valuation reconciliation, servicing note reviews and fraud. Work is always completed within the allotted timeframe to ensure these deals are done with high quality and our business partners' specific needs.

Loan Re-Review Services

The industry has witnessed record levels of delinquencies, foreclosures, mortgage fraud, ethical issues, imprudent underwriting, and breaches of contractual representations and warranties over the past six years. The large amounts of continual put backs to originators, trustees and others has accelerated the need for, and created a sense of urgency to, forensically review loan files and loan appraisals to establish the documents' adequacy, consistency and authenticity.

Recovco is one of the industry leaders in this space, and is fully equipped to match the needs of Banks, Lenders, Trustees, Investors, Mono-line Insurers, Mortgage Insurance Companies, Certificate holders, Federal Home Loan Banks, and Law Firms to accomplish their loan review requirements. In addition, the bank's regulators and auditors will gain the benefit of Recovco's findings and recommendations through periodic reviews on delinquent as well as newly originated loans.

Recovco, with its operational compliance analysis and thorough loan review excellence provides business partners:
  • In-depth, loan-level quality control due diligence with a 100% re-review of input data
  • Industry leading and data-rich reporting
  • Compliance excellence
  • Most up to date tests and tolerances for all federal, state and local regulations
  • Support for Expert Witness Analysis and cross-examination

Establishing the actual amount of put-backs will require loan-by-loan review after uploading the files into a common workflow platform and then indexing any disorganized loan files. Recovco tailors each loan review to client-specific requirements. Our global loan review analysts will review each document from end-to-end to provide the required analysis. Highlighted below is a general outline of how Recovco assesses overall loan portfolio quality:

Possible Re-Review Scope

  • Analyzing each loan against applicable rules and regulations as well as against loan policies of banks and lenders (vintage guidelines with credit overlays)
  • Evaluation of credit quality of selected loans, leases and letters of credit
  • Determination of adequate documentation in selected credit and collateral files
  • Deep dive into the original valuation-this is where many issues are currently being found

Credit Underwriting

  • In depth original underwriting summary highlighting quality of underwriting information
  • Appropriateness of risk rating for new, renewed or modified credit
  • Forensic VOE and VOD's
  • Check to validate background of borrower or business, credit reports
  • Balance sheet, cash flow and collateral analysis to ensure credit worthiness and repayment capacity of the borrower
  • Determination of sources of repayment including primary and secondary sources
  • Finalization of loan agreements/surviving commitment letter

Document Preparation / Loan Closing

  • Validation of checklists to ensure there is no mismatch of the original closing file
  • Gather and matching and appropriateness of original documents, accuracy of documents versus loan approvals, timeliness of recordation and receipt of documents to ensure data integrity has been maintained

Portfolio Surveillance

  • Proprietary surveillance system tracking credit and collateral expirations
  • Policy exception reporting to monitoring trends and exception within overall portfolio


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