SSI Announces Q1 QC Product Enhancements

Secure Settlements Inc. (SSI) has announced its first new technology enhancement for the first quarter of 2014. The enhancement improves SSI's proprietary Closing Agent Search Engine (CASE) tool. Lenders access SSI’s CASE tool, a national database of mortgage settlement agents with real-time risk statuses, to verify an agent’s status prior to wiring mortgage proceeds. In 2013, this searchable database was accessed as a quality control (QC) measure prior to the closing of more than 122,000 loans nationwide and SSI expects usage to surpass 500,000 transactions by the end of 2014 as more lenders sign up for its risk tools. Lenders who use the CASE tool will have the ability to create their own “My Agent List” unique to their company. This list will maintain basic information as well as risk data relevant to their specific settlement agents. The agent data will be updated in real time and can be exported or printed in the event a lender must demonstrate that they maintain a list for regulatory and government-sponsored enterprise (GSE) audit and exam purposes. For example, Fannie Mae seller-servicers must be able to demonstrate that they maintain a list of approved and vetted agents as a condition of their FNMA relationship. “We continue to develop enhancements and technology tools to assist banks and mortgage lenders meet their regulatory and prefunding loan quality assurance needs," said Andrew Liput, CEO of SSI. "This new enhancement is merely one of several that we expect to announce this year as we strive to maintain our position as an innovative leader in mortgage banking enterprise risk management."