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Best Practices for TPO Annual Renewals

Just a few short years ago wholesale lending and the mortgage broker looked to be on the ropes in a prize fight for survival. Fast forward to present and wholesale lending has stabilized and is beginning to increase again as a percentage of origination market share.

So what does this mean for the Wholesale and Correspondent lenders that utilize third party originators when it comes to managing these partnerships?

Download the white paper from Comergence to find out!

 

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Hours of operation are from 7am - 5pm PST,
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25910 Acero, Suite 260
Mission Viejo, CA 92691

714-489-8860

 

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714.489.8860

  1. Managing Risk. Building Relationships. Elevating Integrity.

    About
    Comergence

    Learn about our tools and services for lenders, AMCs, RMLOs and appraisers.

    RMLO & Appraiser
    Due Diligence

    Delivering best-in-class due diligence and critical information at your fingertips.

    RMLOs

    Making the application process to multiple lenders easier and more secure.

    Appraisers

    Helping you to secure more orders from AMCs and retail lenders.

    Demonstration

    Watch a brief video demonstration of our services.
  2.  
     
    "Ensuring integrity, trust and confidence in the mortgage industry by providing the most effective risk management tools and information for residential mortgage loan originator and appraiser due diligence and compliance monitoring."

    About Comergence

    At Comergence, our singular goal is to ensure integrity, trust and confidence in the mortgage industry.

    How? By providing the most effective critical risk management information and tools that scrutinize and continually monitor registered mortgage loan originators (RMLO) and appraisers, licensing status, credit and compliance performance.

    We've compiled a comprehensive database of every licensed mortgage company, plus detailed records on over 400,000 individual originator licenses in the U.S., along with industry-specific data that provides our clients with crucial information for proper RMLO risk management. And now we've taken our best-in-class due diligence service to the appraiser business.

    We provide lenders and AMCs the background information they need to make more informed, reliable decisions on RMLO and appraiser applications. Even after their application has been accepted, we continue to monitor activity such as licensing status, certain credit items and compliance performance.

    Our suite of online tools and services feature a proprietary combination of background due diligence with ongoing compliance surveillance, all of which makes the entire management process easier, safer and completely secure for all parties. Lenders and AMCs now have more assurance that the clients they're doing business with are the best in the industry and are compliant with all applicable laws. RMLOs and appraisers can utilize our streamlined process to more easily and securely apply to lenders and AMCs respectively.

    Security leads to trust and trust leads to integrity. Our commitment to this philosophy and to our desire to provide the superior services and tools will make a meaningful and positive difference in the mortgage industry and will change the way business is done.

     
    • Comergence Providing Originator Due Diligence Services to Privlo Wholesale

      Read more

    • Comergence to Provide Appraiser Due Diligence and Screening for eAMC

      Read more

    • Comergence Announces Deal with Metro-West Appraisal Company

      Comergence has announced a deal to provide its REALM for Appraisers services to the more than 175 certified appraisers that work for Metro-West Appraisal Company.

      Read more

    • Comergence Hires Corey Przenkop - Vice President, Business Development

      Comergence has hired Corey Przenkop as vice president for business development to help guide its rapid growth.

      Read more

    • Comergence Inks Deal with LenderLive Network

      Comergence has announced that LenderLive Network Inc., an end-to-end mortgage services provider, has selected and deployed REALM for Third Party Originators.

      Read more

    Download Our White Paper

    Testimonials

    • "Through a standardized best-practice process that we gladly adopted, Comergence delivers mortgage lenders more information on RMLOs than a lender could cost-effectively do on their own."

      Lisa Schreiber, Chief Strategy Officer, Total Mortgage Services, LLC

    • "Comergence has become the industry standard. They prepare a risk-based report in a simple, easy-to-read format which allows us to quickly decide to approve or disapprove that RMLO. Couldn't be any easier!"

      Joe Amoroso, National Sales Director, Real Estate Mortgage Network, Inc.

    • "As you know, the penalties for failing to comply with the AML regulations are severe, which include a Lender's responsibility to monitor its RMLOs. First Mortgage Corporation very much appreciates and welcomes Comergence's proactive effort to monitor each of our RMLOs by ensuring that they've complied with the AML regulations. Thank you Comergence!"

      Eddie Rodriguez, Chief Compliance Officer, First Mortgage Corporation

  3.  
    "We deliver thorough due diligence more cost effectively allowing you to boost profits without increasing operating costs."

    RMLO And Appraiser Due Diligence

    Registered Mortgage Loan Originator and Appraiser Due Diligence

    Ensuring integrity, trust and confidence in the mortgage industry requires an increase in transparency that only independent, consistent and comprehensive due diligence on Registered Mortgage Loan Originators (RMLO) and appraisers can provide.

    Comergence delivers best-in-class due diligence services including initial review of the application, thorough and consistently applied due diligence screening, credit monitoring, NMLS/state licensing checks, and constant surveillance of business-related compliance activities.

    We go beyond simple data aggregation. We never assume the information an applicant provides is correct and accurate. Our expert analysts personally verify all data supplied by the RMLO and appraiser and append each profile with corrected information, along with our proprietary data. Any data conflicts are resolved prior to delivering actionable results to our clients.

    By utilizing our system, lender and AMC clients do not have to re-key in data, which saves them from costly mistakes and delays in service. Plus, because our cost is spread across our member base, we can deliver thorough due diligence more cost effectively than you can yourself, allowing you to boost profits.

    Best Practices for Initial Screenings and Renewals

    The overall lending market is increasing, as previous business cycles would predict. Regulations have also increased, with the OCC, CFPB and HUD requiring that lenders implement specific supervisory practices with their third party clients/vendors. Included in the list are RMLOs and appraisers. Specifically, all the regulatory agencies are keenly interested in the initial screening of these two parties along with ongoing monitoring and renewal processes to ensure that both parties continue to meet lenders' approval standards.

    We know that lenders place a great deal of emphasis on the quality of loans. We also know that the surveillance of these two parites is one area that can reveal negative issues, which are not always caught while the screening process is being completed at the lender or AMC level.

    Recognizing that this is not completely unexpected in our industry, we have developed a "gold standard" when it comes to RMLO and appraiser due diligence and surveillance that surfaces issues on the appraisers and originators prior to loan submissions.

    Our Unique Approach

    What is uniquely different about Comergence is that we quickly aggregate and append publicly available data with our own proprietary data to give lenders and AMCs a richer, multi-faceted and detailed view of their RMLOs and appraisers. All data is verified with our analysts and made available in a comprehensive report, which includes all documents related to the application.

    Cloud Cover

    Our service is in the cloud, which means greater security, no lost paperwork, and 24/7/365 availability and access. Every lender and AMC can benefit from stronger, more comprehensive and consistent due diligence.

    You're Not Alone

    With a vast network of lenders and AMCs utilizing our system, odds are the RMLOs and appraisers you want to approve and monitor are already in our system. In fact, over 97% of the federally licensed RMLOs and bankers have a registered profile which facilitates an even faster approval.

    Streamline Your In-House Approval Process

    As the mortgage industries only complete end-to-end solution for RMLO and appraiser management, due diligence and surveillance, we can supplement and support your in-house approval process. Our simple, secure, comprehensive tools put analyst-verified profiles of originators and appraisers at your fingertips. We give due diligence its due.

    Features

    RMLO Screening Features

    • Electronic application
    • Initial and ongoing due diligence
    • Document administration and storage
    • Web-based 24/7 access
    • Minimal configuration of our system
    • Ability to approve RMLOs by branch
    • License tracking
    • All data expertly verified
    • Credit monitoring and derogatory details
    • Negative item findings with alert functionality
    • All history retained for audit purposes
    • Easily track application status
    • Robust reporting benefits
    • Potential for significant cost savings
    • Consistent quality and objectivity
    • Protects lenders from RMLO-assisted fraud or abuse
    • Improved operational efficiencies
    • Expedited RMLO approval turn times
    • Missing-item reminders
    • RMLOs can be instantly approvable if previously registered
    • Scalable to market conditions
    • Access to full NMLS database
    • Loan Officer look-up tool

    Appraiser Screening Features

    • Initial and ongoing due diligence
    • Identity verified
    • Documents collected and managed
    • Licenses
    • CE certificates and status
    • Insurance binders
    • Driver license or photo ID
    • W-9

    Additional Features for Appraisers:

    • R& C Fee schedules posted
    • Geographic coverage areas listed
    • Radius search for companies and individuals

    Features for LENDERS & AMCs

    • Add, remove, monitor fee appraisers in "real time"
    • Document management
    • Due diligence and constant surveillance

    Features for Regulators

    • Appraiser profiles viewable in "real time"
    • Access to CE certificates
  4.  
    "We make applying to lenders easier and fail-safe by facilitating the application electronically along with the filing and storage of documents. Never fill out another paper application to a lender again!"

    For Registered Mortgage Loan Originators

    Approvals Made Easy

    For RMLOs, making your job easier and more secure is our goal. Once you are approved by a lender, your company profile is kept current and available for quick approval by all other lenders in our consortium you wish to apply to. You can apply to any of our consortium of lenders with just a few clicks of the mouse.

    What's more, we upload and store your business information electronically in the cloud, which keeps all of your data far more secure than sending applications by courier, mail or fax machine, where applications can sit for hours before being picked up or possibly get stolen.

    Not only do we make applying to lenders easier and far more secure, we also make everyone's job simpler and more fail-safe by facilitating the filing and storage of documents. We'll even send out missing item reminders!

    Check out the list of features and you'll see why more than 17,000+ mortgage companies like yours keep their profile on record with Comergence.

    Features

    • Electronic application ends redundant handwritten applications
    • Better security against identity theft
    • Expedited approval times
    • Track application status
    • Web-based 24/7 access
    • Document administration and storage
    • Missing-item auto reminders sent to you
  5.  
    "We make applying for panel approvals easier and fail-safe by facilitating everything online. Never submit another background check again. With Comergence, you pay one low fee annually and apply to whomever you want for free!"

    For Appraisers

    Best-In-Class Services of Appraisal Management

    For appraisers, helping you obtain more orders from AMCs and lenders is our goal. Once you are approved by an AMC or lender, your profile is kept current and available for quick approval by all the other AMCs and lenders in our consortium that you wish to apply to. An appraiser can apply to other AMCs and lenders as many times as needed with a few clicks of the mouse. What's more, we upload and store your information electronically in the cloud, which keeps all of your data more secure than sending applications by courier, mail or fax machine, where applications can sit for hours before being processed.

    We not only make applying to multiple AMCs and lenders simple and far more secure, we also allow you to apply to whomever you want for free - no additional fees!

    Features

    • Electronic registration ends redundant applications
    • Better security against identity theft
    • Expedited approval times
    • Track application status
    • Web-based 24/7 access
    • Document administration and storage
  6.  

    Videos

    An overview of Comergence Compliance and the TPO process.

    • video-explain-th

      Let Us Explain

      The ongoing Web Video Series, Let Us Explain we thought we'd take you to the best source for answers - the founders of the company: Greg, Michael and James. We know you probably have lots of questions about all the services offered by Comergence and more importantly if our services and processes will be a good fit for you and your company. So check back each month and get the answers to the questions we know you'd like to ask them yourself!

    • video-needtoknow-th

      What You Need to Know

      The ongoing Web Video series What You Need To Know will give you a quick and visual update of how Comergence services and systems will help you be more efficient, save you time and most importantly make sure you and your company stay compliant! With all those benefits, perhaps we should have called our ongoing web series "What You'll Want To Know"!

    • video-intro-th

      Introduction to Comergence

      An overview of Comergence Compliance and the TPO process.

    • video-intro-th

      Introducing Comergence Appraiser Service

      Selecting a real estate professional is easy when your choices are verified. We believe you shouldn’t have any doubts about the real estate professionals you work with, so we’ve done the legwork for you. When you choose a verified professional you can be assured that their credentials and background have been independently verified. Be confident in your choice, here’s an easy way to find a trusted and verified professional.

  7. Comergence Providing Originator Due Diligence Services to Privlo Wholesale

  8. Comergence to Provide Appraiser Due Diligence and Screening for eAMC

  9. Comergence Announces Deal with Metro-West Appraisal Company

    Comergence has announced a deal to provide its REALM for Appraisers services to the more than 175 certified appraisers that work for Metro-West Appraisal Company.