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risk management

Data Facts Releases New Third Party Management Solution

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Data Facts Inc. and Temenos have partnered together to offer banks and lenders a solution to help meet today's regulatory guidelines: Banker VMS, powered by Temenos, a comprehensive, third-party vendor management software. Banker VMS is a Web-based, central data repository for all vendor information and the business processes associated with theClick to continue

Visio Financial Partners With SSI to Vet and Monitor Settlement Agents

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Visio Financial Services Inc. has announced that it has enhanced its risk management policies and procedures by requiring all settlement agents having access to a borrower’s loan documents and mortgage proceeds to first pass through a vetting and risk assessment process.Click to continue

Next on the Regulatory Chopping Block ... Small- to Mid-Sized Lenders

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While we’re all accustomed to news that the big four banks (JPMorgan Chase, Citibank, Wells Fargo and Bank of America) getting into hot water over shady mortgage practices, get ready for a new trend—small- to mid-sized banks being targeted for the same concerns. Recently, a Wall Street Journal article cited the Justice Department, in tandem with the U.S. Department of Housing & Urban Development (HUD) beginning investigations into smaller banks like SunTrust, Fifth Third Bancorp and Capital One.Click to continue

Enterprise Risk Management: What's in Your MROM?

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Increasing regulatory pressures on banks and lenders to adopt greater risk management systems and processes are aimed at establishing a more uniform approach to quality control (QC) industry-wide. At the same time, these pressures seek to protect consumers from the type of non-managed business decisions that were at the root of the financial industry collapse several years ago.Click to continue

NAMB Names Brokers Compliance Group Exclusive Compliance Provider

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Brokers Compliance Group (BCG) has been selected as an Exclusive Compliance Provider by NAMB+ of NAMB—The Association of Mortgage Professionals. BCG is a pioneer in providing comprehensive, outsourced, risk management services to independent mortgage professionals. Compliance support includes regulatory guidance, all policies and procedures, training, and an array of compliance services.Click to continue

New Secure Settlements Offerings to Help Mortgage Lenders Increase Consumer Protection

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Secure Settlements Inc. has announced that it has launched two new lender-subscription fraud tool programs assisting in the evaluation, monitoring and reporting of closing agent risk. Closing Guard is the result of the continuing evolution of the SSI risk management program, designed to help lenders uncover and reduce fraud risks while simultaneously providing better consumer protections surrounding the residential mortgage closing.Click to continue

United States Appraisals Partners With Collateral Risk Network

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United States Appraisals has announced that it has joined the Collateral Risk Network (CRN). Composed of chief appraisers, collateral risk managers, regulators and valuation experts, CRN is focused on resolving the risk and compliance challenges facing the collateral risk profession. With over 400 members represented by leading AMCs, lending institutions, Wall Street, Fannie Mae, Freddie Mac, The Veteran’s Administration, the Federal Housing Administration and appraisers, CRN engages all stakeholders in open dialogue to find solutions to industry issues.Click to continue

Secure Settlements Inc. Seeks to Combat Fraud at the Closing Table With Newest Release

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Secure Settlements Inc. (SSI) has launched its “Know Your Agent” program which enhances the company's closing agent vetting and risk management service for lenders. Under this program, SSI has been issuing full color ID cards to vetted closing professionals. The ID cards, which are intended to be worn as identification at mortgage closings nationwide, will fulfill several important fraud deterrent goals. The first is to clearly identify to all parties at the closing table, particularly consumers, the identity of the agent handling the mortgage proceeds and documents.Click to continue

Former TARP Compliance Head Ben Purser Joins Vericrest as Chief Risk Officer

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Vericrest Financial Inc. has announced that it has appointed Ben Purser as Chief Risk Officer. Purser brings 26 years of experience in financial services to Vericrest, with a focus on risk management, audit, compliance and governance. In his new role, he will be responsible for all risk management efforts, including determination of risk tolerances, and will focus on operational risk practices, compliance with all state and federal agency requirements, as well as measuring and monitoring risk in Vericrest’s portfolios.Click to continue