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.
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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.
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