Secure Settlements Announces Updates to Closing Guard Vendor Management

Secure Settlements Inc. (SSI) has announced new enhancements to its Closing Guard vendor management and risk monitoring product for mortgage lenders and banks. SSI’s platform enables lenders and banks to access information in real time regarding settlement agents before they wire funds to the closing table, complimenting internal pre-funding quality assurance programs and meeting regulatory expectations for consumer protection. The company’s Closing Guard product, which assesses third-party risk, monitors it in real time and provides detailed reporting now offers a tool that enables clients to build and maintain their own internal approved agent and watch list data reports. The “My Agent List” and “My Watch List” functions customize a lender’s information, makes it available to their operations staff and the lists can then be downloaded or exported as evidence of compliance during audits and examinations by state and federal regulators. For example, Fannie Mae seller-servicers must demonstrate that they have a suitable closing agent vetting and monitoring program and be able to produce a current list of approved and vetted agents during examinations. State banking auditors are now beginning to ask for approved agent lists as well. This new product enhancement meets this need. “SSI continues to be a thought leader in the area of loan quality assurance and counterparty risk management assessment and reporting," said SSI President Andrew Liput. "Our 'My Agent List' and 'My Watch List' tools will be closely followed by additional innovative resources that will assist lenders to navigate and satisfy the myriad of regulatory and investor expectations for better quality control and loan quality assurance. At a cost that equates to less than 3/4s BPS per loan, our service offers an affordable solution to compliance needs.”