Capital Markets Cooperative (CMC) has announced a strategic alliance with Secure Settlements Inc., an independent evaluation and risk management firm based in Northern New Jersey. Under the agreement, Secure Settlements will offer CMC members its third-party closing agent risk management program under special terms for them and their agents.
"We’re excited to have Secure Settlements as a Cooperative partner,” said Tom Millon, president and CEO of Capital Markets Cooperative. “With the CFPB and other regulators expecting more proactive third party vendor management, partnering with Secure Settlements will give our members comfort knowing they will be relying on a trusted source for the complete data needed to make intelligent choices about closing agents—before a wire is sent.”
“A mortgage transaction is typically the single largest financial endeavor an individual will ever undertake. Secure Settlements wants to limit the potential for fraud and negligence during these transactions by compiling information that enables lenders and consumers to make informed decisions regarding their partners at the closing table,” said Andrew Liput, president and CEO of Secure Settlements Inc. “CMC members will benefit from this partnership because Secure Settlements’ program allows them to outsource closing agent vetting and monitoring while gaining access to the company's data base of cleared agents and its 45,000 person watch list, the most comprehensive in the industry.”