To be a true partner in this industry, compliance has to be central to all processes, systems, team members and customer interactions. Led by Kirk Stephens, CRCM, Chief Compliance Officer/SVP of Steamboat Group, OSC is a trusted compliance-driven organization with strict adherence to regulatory guidelines, sound corporate governance, consumer-driven best practices, proactive thought leadership and client communications. Long before regs got this complicated and long after several peers faced public scrutiny, OSC has been a bedrock of integrity and compliance leadership.
We monitor all major legal and regulatory announcements from various industry sources at the national and state level. This includes but is not limited to FHA, OCC, FDIC, FRB, CFPB, FNMA, FHLMC, NFIP, and GNMA. When material actions are pending, the necessary steps are taken to ready our business rules, processes, IrisX system, and procedures in collaboration with our clients.
Set policies and procedures spanning everything from disaster recovery plans and data security and encryption-at-rest to quality assurance and service level agreement (SLA) benchmarks are clearly set forth in our operations. OSC is a SOC 2 (SSAE 26) certified service organization based on existing SysTrust and WebTrust principles that validate our systems’ security, availability, processing integrity, confidentiality, and privacy of our valued client’s data.
At the core of all we do is the consumer. When faced with insurance notices or calls seeking coverage confirmation, we pride ourselves on a holistic, user-friendly, professional and positive consumer experience that reflects our values and those of our clients. We have also created the voluntary OSC Home Choice Complete insurance solution to support those clients wanting to offer a compliance-friendly, lender-placed coverage alternative.
OSC sends clients regular compliance bulletins and newsletters as well as conducts regulatory webinars and a longstanding invite-only compliance conference to bring peers together to discuss timely issues such as flood regulations. We are actively involved in several national and regional trade associations and in working with federal and state government representatives. In addition, our Client Advisory Board serves as a catalyst to focused discussions on relevant industry topics and OSC products and services.
OSC has several client reporting routines to ensure timely and actionable data sharing. We actively monitor various key performance and quality indicators and report these results on custom dashboards on a regular basis in accordance with client Service Level Agreements (SLAs). We track items such as customer call center metrics and escalations—which are recorded—to loan, escrow, flood, tax and insurance audits and financial reports. Our client service teams further inform these reports and provide updates on requested workflow or process changes. For large or complex clients, annual business reviews are conducted as well as on-site client support is available.