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SolomonEdwardsGroup (SEG) Announces It Has Teams Ready to Solve Robo-Signing and Other Mortgage Document Issues
SolomonEdwardsGroup, LLC (SEG), a national financial services consulting and staffing firm, today introduced a solution to the foreclosure documentation crisis centered on its team of more than 300 consultants.
The SEG consultants have hands-on experience identifying and providing remediation for significant loan documentation problems. SEG’s teams can also be rapidly deployed across the U.S., to help banks and servicers “scrub” files and determine which foreclosures may have been tainted by incorrect loan documentation and processing issues such as robo-signing. These teams are ready to be dispatched when and where needed.
SEG’s National Financial Services Practice has significant experience in reviewing, vetting, and remediating loan files as part of its mergers & acquisitions practice and as part of its work as an FDIC receivership assistance contractor. SEG regularly deploys large teams to clients that have acquired banks and portfolios filled with loans that have not been properly documented and potentially may be moving toward an improper foreclosure.
For instance on a recent engagement, SEG quickly deployed a 25-person team to review a single-family loan portfolio containing 5,000 loans and within six weeks brought the portfolio into compliance with investor guidelines. During another recent engagement, SEG successfully completed the same type of project involving 20,000 single-family loans tainted by fraud allegations.
Candace Caley, SEG partner and head of its national financial practice, said, “There is no magic bullet here. Technology and outsourcing got the industry into this situation. Only by focusing experienced, knowledgeable and competent resources on this problem can we restore confidence in the industry and the process.”
Having worked with banks, thrifts and major loan servicing providers, SEG has extensive experience dealing with large numbers of customer files and in helping develop proper controls and procedures to ensure that stringent regulatory compliance is achieved.
“Our teams not only comb through the files to identify issues, but also have the experience to know which files can be successfully salvaged and which can’t. When you’re talking about an issue as large as this, that type of efficiency is invaluable to the process,” Caley added.
About SolomonEdwardsGroup, LLC
SolomonEdwardsGroup, LLC is a national CFO services firm solving the shifting needs of CFO organizations and its professionals. SEG’s National Financial Services Practice is widely regarded for delivering talent, perspective, and action in the critical areas of regulatory compliance, credit and risk management, merger and acquisitions, accounting and back office operations, and business performance. Headquartered in Philadelphia, the firm operates offices in Atlanta, Chicago, Dallas/Fort Worth, Houston, New York/New Jersey, and Washington, D.C. Additionally, it maintains a global network of partners to serve multinational clients. For more information, visit www.solomonedwards.com.
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