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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 new white paper from Comergence to find out!

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714.489.8860

  1.  
     
    "Returning integrity, trust and confidence to the mortgage industry by providing the most effective risk management tools and information for mortgage originator and appraiser due diligence and compliance monitoring."

    About Comergence

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

    How? By providing the most effective critical risk management information and tools that scrutinize and continually monitor your third party originators' (TPO) and appraisers', licensing status, credit and compliance performance.

    We've compiled a comprehensive database of every licensed mortgage company, plus detailed records on over 550,000 originator licenses in the U.S., along with industry-specific data that provides our clients with crucial information for proper TPO 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 TPO 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 called Eagle Eye™ features a proprietary combination of background due diligence with ongoing compliance surveillance, all of which makes the entire mortgage process easier, safer and completely secure for all parties. Lenders and AMCs now have more assurance that the vendors they're doing business with are the best in the industry and are compliant with all applicable laws. TPOs and appraisers can utilize our streamlined process to more easily and securely apply to lenders and AMCs respectively.

    Not only do lenders have access to critical information but they also have complete control of it by using Realm IQ™, our incredibly powerful business intelligence reporting system that transforms compliance and sales data into actionable knowledge.

    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 Launches Due Diligence and Surveillance Service for Appraisal Industry

      Eagle Eye™ is powerful new solution for managing background checks on appraisers.

      Read more

    • Comergence Reports on AML Compliance

      Comergence estimates less than 10 percent of residential mortgage loan originators (RMLOs) have documented compliance with anti-money laundering laws.

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    • Comergence Announces REALM IQ

      Greg Schroeder, president of Comergence Compliance Monitoring, today introduced REALM IQ®, a powerful business intelligence reporting system.

      Read more

    • Comergence Upgrades Professional Edition of  Due Diligence Solution

      Comergence announces the release of Realm Professional Edition 2.2 Product Suite -- a more holistic TPO management system.

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    • Wholesale Lenders Select Comergence for TPO Due Diligence Solutions

      Comergence added five wholesale mortgage lenders to its client roster in May 2010.

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      Hackers took control of the Associated Press Twitter account on Tuesday and sent a false tweet of two explosions in the White House that . . .

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    • What Happens to Your Mortgage When You Die?

      If your parents' home has been paid off, your only obligation if you inherit the property is to . . .

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    • S&P Early Victory in U.S. Fraud Suit Seen as Unlikely

      S&P analysts joked “It could be structured by cows and we would rate . . ."

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    • U.S. Amasses Data on 10 Million Consumers as Banks Object

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    • 3 Reasons The Housing Market Recovery May Not Last

      The housing market has made a big comeback over the past year; home prices have surged some 8% and homebuyers can't seem to buy up properties . . .

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    Download Our White Paper

    Testimonials

    • "Through a standardized best-practice process that we gladly adopted, Comergence delivers mortgage lenders more information on brokers 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 broker. 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 TPOs. First Mortgage Corporation very much appreciates and welcomes Comergence's proactive effort to monitor each of our TPOs by ensuring that they've complied with the AML regulations. Thank you Comergence!"

      Eddie Rodriguez, Chief Compliance Officer — First Mortgage Corporation

  2.  
    "We can deliver robust due diligence more cost effectively allowing you to boost profits without increasing operating costs."

    TPO And Appraiser Due Diligence

    Third Party Originator and Appraiser Due Diligence

    Returning integrity, trust and confidence to the mortgage industry requires an increase in transparency that only independent, consistent and comprehensive due diligence on third party originators (TPO) 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, and constant surveillance of business-related 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 TPO 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.

    Our lender and AMC clients do not have to 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 robust due diligence more cost effectively than you can yourself, allowing you to boost profits without raising operating costs.

    Best Practices for Initial Screenings and Renewals

    The overall lending market is finally increasing, as previous business cycles would predict. Regulations have also increased, with the CFPB and HUD requiring that lenders implement specific supervisory practices with their vendors. Included in the list of vendors, TPOs, and appraisers. Specifically, both agencies are keenly interested in the initial screening of these two vendors and ongoing 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 vendors is one area that can reveal negative issues, which are not always caught while the screening process is being completed. Recognizing that this is not completely unexpected in our industry, we have developed a "gold standard" when it comes to TPO 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 TPOs and appraisers. All data is verified with our industry 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 utilizing our system, odds are the TPOs you want to approve are already in our system. In fact, over 90% of the federally licensed brokers and bankers have a registered profile which facilitates an even faster approval.

    Streamline Your In-House Approval Process

    As the mortgage industry's only complete solution for TPO and appraiser management, due diligence and surveillance, we can replace or seamlessly supplement and support your in-house approval process. Our simple, secure, comprehensive tools put analyst-verified profiles of third party originators and appraisers at your fingertips. We give due diligence its due.

    Features

    TPO Screening Features

    • Electronic application
    • Document administration and storage
    • Web-based 24/7 access
    • Minimal software to download or configure
    • Ability to approve TPOs by branch
    • License tracking
    • All data expertly verified
    • Credit monitoring and derogatory details
    • Negative-item alert function
    • All history retained for audit purposes
    • TPO and lender AE can track application status
    • Web services are available
    • Robust reporting benefits
    • Potential for significant cost savings
    • Consistent quality and objectivity
    • Protects lenders from broker-assisted fraud or abuse
    • Improved operational efficiencies
    • Expedited TPO approval turn times
    • Missing-item auto reminders sent to TPO & assigned AE
    • TPOs can be instantly approvable if previously registered
    • Scalable to market conditions
    • Access to full NMLS database
    • Loan Officer look-up tool

    Appraiser Screening Features

    • Background 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:

    • 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"
    • Exclusionary list compliance
    • Document management, tracking, notifications
    • Background checks

    Features for Regulators

    • Appraiser profiles viewable in "real time"
    • Access to CE certificates in appraiser profiles for audit
  3.  
    "An incredibly powerful business intelligence reporting system that gives lenders complete control of all their data."

    REALM IQ™:
    BUSINESS INTELLIGENCE

    Your Company's vital statistics at
    your fingertips

    Realm IQ™ is our incredibly powerful business intelligence reporting system that gives lenders complete control of all their data. Combining proprietary TPO data with the lenders' LOS data, Realm IQ creates executive dashboards and enterprise-wide reports designed specifically for the needs of mortgage lenders. With its unparalleled reporting capabilities, Realm IQ transforms compliance and sales data into actionable knowledge.

    RealmIQ

    Customize Dashboards, Data
    Visualizations and Access

    Comergence clients get the Basic Edition as part of our base service. Lenders needing more detailed information from their data should choose our Enterprise Edition, which offers unlimited analytic capabilities and customizable views for analyzing TPO and compliance data from any perspective. Lenders can also set varying degrees of access to data, based on the level of the individual user.

    Features Basic Premium Enterprise
    SSL Encryption
    Permission Groups
    License Dashboard
    Alerts Dashboard
    Score Card Dashboard
    TPO Applications Dashboard
    Sales Dashboard
    Annotations
    Automated Notifications
    Additional Data Filters
    Export Capability
    License Detail Dashboard
    API - Application Programming Interface
    Risk Dashboards
    Advanced Score Card Dashboard
    Customized Notifications
    Unlimited Historical Data
    Data Drill-Downs
    User-Defined Dashboard Creator
    Unlimited Custom Dashboards
    Marketing ROI Dashboards
    Compliance Dashboards
    OLAP Analytics (Online Analytical Processing)
    Native Data Connectors — SQL, MySQL, Teradata DB, MS Access
  4. "We make applying to lenders easier and far more fail-safe by greatly facilitating the application electronically along with the filing and storage of documents. Never fill out another paper application to a lender again."

    For Brokers

    Approvals Made Easy

    For brokers, making your job easier and more secure is our goal. Once you are approved by a lender, the profile is kept current and available for quick approval by all other lenders in our consortium you wish to apply to. A broker can apply to our consortium of 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 personal data far more secure than sending applications by courier, mail or fax machine, where applications can sit for hours before being picked up or stolen.

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

    Check out the list of features and you'll see why more than 15,000+ mortgage companies like yours keep their profile on record with Comergence.

    Features

    • Electronic application ends redundant 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 TPO &assigned AE
  5. "We make applying to AMCs and lenders easier and far more fail-safe by facilitating your application and paperwork profile online. Get more appraisal orders by quickly and easily applying to new lenders and AMCs in our secure system."

    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 personal data far more secure than sending applications by courier, mail or fax machine, where applications can sit for hours before being picked.

    We not only make applying to multiple AMCs and lenders simple and far more secure, but we also make everyone's job easer and more fail-safe by greatly facilitating the filing and storage of documents and even sending out missing item reminders.

    Features

    • Electronic application ends redundant 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 and your AMC/Lender
  6.  

    Demonstration

    An overview of Comergence Compliance and the TPO process.

    Video Player