Financial Services

Our portfolio includes extensive experience assisting lenders and servicers of numerous asset types. From smaller, local lenders to global financial institutions, Secretariat has provided a wide range of services to the industry. The following is a representative sampling of our engagements to provide greater insight into the depth and breadth of our capabilities.

Independent Consultant in CFPB Consent Orders

Secretariat professionals have been engaged as the Independent Consultant in CFPB Consent Orders that address issues pertaining to UDAAP, FCRA and debt collection matters.  These engagements required an independent assessment of the company’s compliance management systems, internal control systems and or monthly compliance testing procedures.

General FCRA Current State Assessments

Secretariat professionals have been involved in numerous engagements relating to FCRA These engagements have required an assessment of policies, procedures and processes, conducting data and testing the accuracy and integrity of the information furnished to the CRAs.

Federal Reserve Board Independent Foreclosure Review

Secretariat professionals assisted with the actions taken to comply with a Consent Order entered into by a Global Investment Bank with the FRB relating to residential mortgage foreclosures.  Secretariat professionals assisted with other IFR Consent Orders involving other Global and National Banks and facilitated the review of over 100,000 foreclosure files.

Sales Practices Investigation for a National Bank

Secretariat professionals worked though outside counsel to investigate the sales practices of a top 25 national bank as a result of the ‘fake’ account issues at Wells Fargo, N.A.  The report was used to assist the Bank in responding to an MRA from the OCC.

Federal Reserve Board Directive on Late Fee Charges

Secretariat professionals assisted with addressing a Directive entered in by a Global Investment Bank with the FRB relating to mortgage late fee charges.  We provided procedures for an off-shore company to enter data, managed a local team that reviewed all exception items and provided a recommended resolution.  A final report was provided with required actions for the bank and successfully addressed all regulatory requirements.

Implementation of a Derivatives Transaction System

Secretariat professionals managed a project to implement an automated solution to track and perform the accounting for the hedging program for the North American entities of a Global Bank. We performed a buy versus build analysis, developed the systems specifications, supervised the overseas development team and oversaw the beta testing and implementation in North America. The new system provided the client with a stable system that performed at a higher speed and eliminated numerous manual processes.

Mortgage Servicing Processes and Evaluation

Secretariat professionals performed an analysis of Mortgage Servicing Rights valuation and outstanding Servicer Advances for a Global Investment Bank.  We reviewed the internal model, evaluated assumptions driving the model and assessed the servicer advance process.  We identified and quantified the associated risks for hundreds of securities and provided recommendations for future actions.

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