Consumer-lending requirements in servicing workflows

Reg V, Reg Z and UDAP requirements needed to translate into vendor-platform behavior and servicing decisioning, including loss-mitigation workflows.

Henna83 leadership translated regulatory requirements into servicing-platform specifications and workflow change.

Leadership role: requirements and delivery coordination. Delivery team: servicing SMEs, business analysts, vendor-platform specialists and a project manager, working with client compliance.

The challenge

Reg V, Reg Z and UDAP requirements needed to translate into vendor-platform behavior and servicing decisioning, including loss-mitigation workflows.

The approach

Requirement translation

Translated compliance-approved Reg V, Reg Z and UDAP requirements into business and functional specifications, with traceability from each regulation to the servicing process it affects.

Functional specification

Defined functional requirements for an industry-leading vendor platform used by large servicers, specifying decision conditions, vendor behavior and the business rules to implement.

Workflow and decisioning

Supported configuration of servicing workflows and loss-mitigation waterfalls, including operational exceptions and the handling of borrower cases.

Operational improvement

Used the implemented process changes to address findings and customer-inquiry drivers, reducing compliance findings and customer inquiries in the affected servicing processes.

Delivered outcome

Reduced compliance findings and customer inquiries.

Business value

Connected regulatory requirements with servicing system behavior, reducing compliance findings and borrower inquiries associated with the affected processes.

Delivery scope

Servicing requirements and workflows supporting Reg V, Reg Z and UDAP.