AllRegs and The Prieston Group Inc. (TPG) have announced the launch of a new suite of risk assessment resources and benchmarks for the mortgage industry. The cornerstone of these products is the patented Mortgage Operational Safety Assessment (MOSA) Score and Report. AllRegs has become the exclusive distributor of MOSA and its related products. Lenders are evaluated with the risk assessment tools in MOSA and then receive a score between 0 and 800, with higher scores indicating lower risk. In a recent study reviewing 400,000 loans, higher MOSA scores have been proven to be effective indicators in reducing overall mortgage repurchase risk.
The MOSA Score and Report consists of a methodology and process that evaluates 11 different key aspects of mortgage operations and origination, including Operational Controls, Company Background, Warehouse Lines, Geographic Mix, Product Mix, Repurchase History, Quality Control (QC) Plan, Operational Checklists, Broker Management, Correspondent Management and Appraiser Management.
MOSA includes an in-depth evaluation conducted by an independent third-party which includes, but is not limited to, file reviews and analysis as well as interviews with lender’s key personnel. Mortgage lenders are then rendered a MOSA score and detailed report of the assessment and evaluation findings.
“MOSA is poised to be an industry benchmark that will help mortgage companies reduce their corporate risk, changing how they approach business,” said Dan Thoms, executive vice president for AllRegs.
“We are very excited to nationally launch the patented MOSA Score and Report,” said Arthur Prieston, chairman of TPG. “Ten years in the making, MOSA is the Lender level due diligence tool all industry participants, including rating agencies, regulators, investors, and lenders of all sizes, have needed to manage their appetite for risk. To have AllRegs as our exclusive distributor to its thousands of customers will render MOSA the industry standard.”
