Mortgage Broker and Correspondent Due Diligence Solutions
We've changed the game by providing a comprehensive, end-to-end solution to manage third party reviews, approvals and continuous profile monitoring of these business relationships
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End-To-End Solution
TPO Due Diligence
Continuous Surveillance
We've created the industry's first cost effective solution for third party originator due diligence.
It is our belief that independent, consistent and comprehensive due diligence on third party originators and correspondents addresses the issues of transparency the industry needs.
We provide an innovative method for all parties in a mortgage relationship to trust one another.
Licensing status, credit scores and loan risk performance should be constantly reviewed after the initial point-in-time review that most lenders utilize today.
What happens after a TPO is approved may be the lenders only line of defense to avoid future fraudulent activity.
Utilizing our end-to-end due diligence platform, approving a third party originator is easy with our comprehensive solution.
Learn more
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714-495-4710
Industry News/Links
2.09.10
NetMore America engages Comergence to enhance TPO approval process
Full Story
11.01.09
Great article about the history of wholesale and why it's not going away anytime soon.
Restoring Everybody's Confidence In Mortgage Loan Originators
By Brad Finkelstein
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Who we are
Our reason for being
Comergence Compliance Monitoring, headquartered in Orange, California, provides a supplemental, or comprehensive alternative, to a lender’s in-house broker approval desk. We are the mortgage industry’s only end-to-end service solution for Third Party Originator due diligence, management and compliance surveillance.
Having built a standardized industry best-practice process, Comergence provides lenders unparalleled information about their brokers and surveillance technology that has never before been accomplished in the mortgage industry.
Each Comergence lender in our consortium enjoy's hands-on service protocols, simplicity, security and comprehensive, analyst-verified, profiles of their third party originators.
An integral part of the Comergence solution is a robust background check of brokers as they apply to do business with a lender. That multi-faceted check includes a 50 state license status and derogatory reviews, industry sanctions reviews, Social Security Number verification for authorized principals, civil and criminal convictions, and much, much more.
What is uniquely different about the Comergence Compliance service is that we aggregate and append publicly available data with our own proprietary data which gives the lender a much richer view of their third party originator. All data is verified with our industry analysts and made available in a comprehensive report which includes all documents related to the application.
TPO's that have been previously vetted by Comergence for another lender can quickly be approved by new lenders as our profile is current and readily available to the new lender - another truly unique feature of our business model.
Our service is conducted on-line which makes the process available 24/7/365 for lenders and TPO's to conduct business. Being on-line avoids lost paperwork and the potential for identity theft. The processes for both lender and TPO are simple and easy to use.
If you think you're company could benefit from stronger, more comprehensive and consistent due diligence of the brokers and correspondents your doing business with - call us. We'd be delighted to schedule a presentation of our services.
It is our contention that independent, consistent and comprehensive due diligence that independently screens, monitors and reports on third party originators for the consumer and lending industry, makes the most sense.
Who we serve
What we do for our clients
Comergence gathers and compiles regulatory, identity and public record data from multiple sources, appends these sources with our proprietary data and then verifies all information through our expert analysts to ensure thoroughness and accuracy. Our services include the following reviews:
Constant Surveillance
Comergence continuously monitors the health of a TPO's profile, i,e. their business/personal credit score, early and first payment default activity and fraudulent loan files submitted to other lenders and report these negative instances through our system of alerts.
If your company conducts business with Third Party Orginators or Correspondents, you would benefit from our services. We assist the following types of companies:
Reporting
We provide in depth reporting on each entity approved by the lender and overall dashboard reports on the pool of brokers/correspondents being monitored by each lender.
Data Integration
Getting data into the lenders LOS is as important as the due diligence itself. We supply an easy to use API for our lender clients to accomplish this task.
Activity History & Change Log's
Lender can review all historical activity we perform during our due diligence and monitoring activity. All changes are tracked and available via change logs for audit purposes.
Comprehensive Report Cards
We don't believe a lender should have to wade through pages of data to discern what is relevant and/or important. That's why we supply a comprehensive on-line report that allows the lender to quickly make a decision to approve or deny an application.
Document Retention and Viewing
All documents related to a broker approval are stored in our data cloud and can be viewed 24/7 by lender clients.
Our case studies are:
Success stories
Secretary of State Derogatory Status Discovered
While performing due diligence on an applicant broker we discovered that this broker had their Secretary of State status "suspended" - which meant that this entity is not legally allowed to transact business in this state.
Two of our other lenders had previously approved this broker prior to contracting with Comergence.
Both lenders were unaware of the suspended SOS status until we discovered this problem.
Unauthorized Broker Applicant Caught
We quickly discovered that the person completing the application and signing the legal broker agreement was not the owner of the company and had no legal authority to submit an application on behalf of the broker.
Lender would not be able to legally enforce the broker agreement.
Broker became aware of a rogue loan officer and used this instance to initiate new company policy.
Broker Barred From Four Other States & HUD Unbeknownst to Lender
Lender had previously approved a broker. While recertifying them through our system, we discovered that the broker had licenses revoked in four other states and from HUD.
Lender was funding loans with broker because license was current in their state.
Lender was able to cut broker off before any fraud had been committed.
Social Security Number Discrepancy Detected
While comparing our company vs. a competitor, a discrepancy was discovered by the lender. We reported the SSN as no issues. The competitor threw up warnings. Lender wanted to know why Comergence hadn't "caught" what the competitor had.
Competitor merely reported the issues but failed to research and resolve them, leaving it up to the lender to conduct a time wasting review on their own.
We found the same issues the competitor discovered. The difference is that we researched and resolved the problem prior to final reporting.
Where we are
Although all of our services are conducted over the internet, you're welcome to come by our offices any time. Hours of operation are from 7am - 5pm PST, Monday through Friday.
630 The City Drive South
Suite 205
Orange, CA 92868
714-740-9000
Request a demo or just send us an email
