Archive: 28 March 2012

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Vendor Management Standards in the Global Foreclosure Settlement
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Joining the Conversation: The Perils and Possibilities of Social Media for Financial Services Companies

Vendor Management Standards in the Global Foreclosure Settlement

By: David A. Tallman

The alleged failure of servicers to adequately supervise the activities of their foreclosure and loss mitigation vendors and other service providers is one of the central criticisms levelled by federal and state regulators against residential mortgage servicers. The regulators assert that skyrocketing foreclosure volumes caused key vendors – including foreclosure firms, bankruptcy attorneys, and document custodians – to take shortcuts. Moreover, with respect to the management and execution of legal documents, regulators assert that servicers failed to adequately supervise the activities of their foreclosure and loss mitigation vendors and other service providers. According to the regulators, servicers were not sufficiently equipped to track the movement of original documents, verify that affidavits and declarations filed in foreclosure and bankruptcy proceedings were factually accurate and correctly executed, or ensure that the vendors otherwise performed their services in compliance with applicable law. Read More

Joining the Conversation: The Perils and Possibilities of Social Media for Financial Services Companies

By: David A. Tallman, Lori L. Schneider

As consumers integrate the Internet and social media into their daily lives, they not only expect financial institutions to maintain an active online presence, but increasingly demand to receive financial products and services over the Internet and on mobile devices. The rise of online interactivity offers financial institutions unprecedented opportunities to foster customer loyalty, expand brand awareness, educate their clients or potential clients and market products and services. But at the same time, the use of social media in such a highly regulated industry raises a host of unique – and often unanticipated – risks and responsibilities that courts, regulators, and financial institutions have only just begun to address.

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