In response to the COVID-19 pandemic, Covius’ Compliance Solutions group said it has significantly expanded its compliance monitoring efforts to help lenders and servicers track the legislative and regulatory developments.
Covius now is issuing daily client alerts that provide a summary of new COVID-19-related policies. The updates cover legislative activity throughout the country, federal, regulatory and investor guidelines, and state court closures.
Covius said the group also is updating all of its template libraries, including its loss mitigation library, to ensure compliance with new disaster and COVID-19-related requirements.
“Our clients rely on our consolidated daily updates to stay informed and to be able to react quickly to any impacts to their processes,” Vice President of Compliance Solutions Jen Keys said in a release. “Given the rapid rate of change, we have expanded our monitoring to include servicing-related news conferences, and even tweets in some instances, because real-time announcements may turn into new policies and guidelines in a matter of days or even hours.”