Review the servicer payment history for each loan to establish a payment history string based on either the client’s proprietary method or the commonly used MBA or OTS delinquency definitions or a combination thereof.
Identify discrepancies between the servicer’s payment string and the audited payment string and provide an explanation when applicable for any discrepancies identified. Additionally, a cash flow velocity report is created for the client’s review.
Review the file to see if the needed items are collected as they become due 1) payments of principal and interest, 2) any sums to be held in escrow for the payment of taxes, assessments and other public charges that are generally impounded, hazard and/or flood insurance premiums, FHA insurance or private mortgage insurance premiums, condominium association dues and fees and other sums required to be collected and disbursed for Borrowers (collectively, “Escrowed Sums”), if applicable, and 3) all other payment from Borrowers and/or Mortgagors.