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NetMore America engages Comergence Compliance Monitoring to enhance TPO approval process

NationalMortgageProfessional.com
Feb 09, 2010

NetMore America Inc., an expanding next generation mortgage banker, announced it has  engaged Comergence Compliance Monitoring (Comergence), a third-party originator due diligence solution provider to the mortgage industry, to manage all reviews and continuous profile monitoring of all TPOs working with NetMore. Comergence, which is based in Orange, Calif., provides mortgage lenders a comprehensive alternative to an in-house TPO approval desk, through an end-to-end service solution, that provides due diligence, management and compliance surveillance. Through a standardized industry best-practice process, Comergence delivers mortgage lenders unparalleled information on mortgage brokers including a robust background check of any TPO applying to do business with a mortgage lender. The multi-faceted check includes a 50 state license status and derogatory review, industry sanctions reviews, Social Security Number verification for authorized principals, Patriot Act compliance, civil and criminal convictions, business credit, address verification, bankruptcies, liens, and judgments search among many others. The Comergence online platform is available 24/7/365 and aggregates and appends publicly available data with its own proprietary data which offers mortgage lenders a richer view of any TPO. All data is verified by the Company’s expert analysts and made available in a comprehensive report, which includes all documents related to the application. Any TPO that has been previously vetted by Comergence for one mortgage lender can quickly be approved by a new lender as the profile is current and readily available. “NetMore is committed to working with the highest quality mortgage brokers in the industry in a 'friction free' manner. We believe Comergence’s centralized platform will not only mitigate risk and lower our costs associated with the TPO approval process, but also accelerate the opportunity for NetMore to begin working with quality production partners,” said Lisa Schreiber, chief strategy officer for NetMore. “We are very excited about partnering with NetMore, a company that clearly understands the power of the right relationships to drive business,” stated James Deane, executive vice president of Comergence. “Our innovative solution offers all parties in a mortgage relationship the foundation to trust one another by providing an independent, consistent and comprehensive due diligence review and addresses the key issues of transparency in the mortgage process.” For more information, visit www.netmoreamerica.com or www.comergencecompliance.com.
Published
Feb 09, 2010
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