Secure Settlements Inc. has announced that it has will launch a Consumer and Realtor database access program beginning in January 2013. The program, called "Know Before You Close" will allow consumers free access to search the SSI nationwide closing agent database (NCAD) to make better decisions about who attends the closing on their behalf. It will also allow real estate agents to check out an agent's risk rating before a referral is made, thereby helping to protect them from the reputational fallout accompanying fraud or other harm to a homeowner at the closing table.
Secure Settlements offers first to market solutions for closing table risk, establishes opportunities for closing professionals to gain new business, and offers banks and consumers a searchable database of shared information to help them make better choices about the people who handle their mortgage funds and important loan documents.
For closing agents (attorneys, escrow and title agents, notaries and independent closers), a 10 minute application and 30 minute vetting process gets them listed in the SSI searchable database used by hundreds of banks and mortgage lenders and (beginning January 2013) tens of thousands of consumers to research the risk status of their transaction partners. By adding their name and information to the more than 45,000 strong database agents can establish their commitment to quality control, independent risk management and transactional transparency. Vetted agents also are eligible for discounted E&O/PLI insurance and reduced cost continuing education programs through SSI strategic relationships. For banks, SSI provides an outsourced solution to the requirement to manage third party service provider risk. SSI has the technology, the expertise, the staff and the documentation to assist you in implementing an independent, low cost, common sense approach to operational risk management. Its proprietary process has been in development for 10 years in collaboration with key industry managers and former state and federal regulators.
"I have been a consistent advocate for greater protections for consumers from closing table fraud for more than 10 years," said SSI President and CEO Andrew Liput." With the recent adoption of greater regulatory requirements and federal laws pressuring participants in the mortgage process to manage closing table risk with greater diligence and independence, it is not enough to simply make data available to insiders. Homebuyers and realtors need access as well. This will help them make better choices in the process and in doing so help to deter and reduce mortgage fraud, which the government expects to top $13 billion in 2012."