Comergence has announced that LenderLive Network Inc. has selected and deployed its REALM for Third-Party Originators. REALM for Third-Party Originators, a proprietary platform offered exclusively by Comergence, is the most comprehensive, up-to-date, and accurate database of mortgage originators in the industry. Updated in near real time, REALM’s unique capabilities aggregate critical data such as licensing, criminal and civil records, financial sanctions, as well as bankruptcies and foreclosures and a host of additional important information. Also, the platform enables clients to stay informed of the status of its third-party originators, and maintain compliance with federal regulations.
“LenderLive saw a way to gather the information it needs to make more informed approval decisions about the third-party originators that it does business with and that’s why it chose to license REALM. In addition, it speeds the TPO approval process and improves the quality of those decisions,” said Greg Schroeder, president of Comergence. “As we collect new information, we send instant alerts to LenderLive, ensuring it can monitor the activities of the TPOs it does business with and stay compliant with the plethora of regulations our lender clients face today.”
“Our partnership with Comergence enables us to streamline the new lender correspondent application process, making a difficult process easy and fast. For new correspondent lender applications, we have achieved a 50% reduction in the time it takes to get them approved and on-board with us because of the technology from Comergence,” said Bob Kallio, senior vice president of correspondent lending at LenderLive Network. “Going forward, we can monitor their activities 365 days a year and the ability to perform that due diligence was a key component of choosing Comergence.”
To be sure, Comergence’s REALM for Third-Party Originators provides an automated and comprehensive vetting of TPOs, and the data is always available to lenders that license the platform.
“To stay compliant, lenders are required to prove they took action when a regulation has been violated and be able to provide regulators proof of those efforts, and that’s the service we provide to our lender-clients,” said Schroeder. “We help ensure clients like LenderLive are compliant, and we improve their business processes, reduce their costs, and eliminate regulatory exposure. That’s why we have garnered over 50% market share in the mortgage business.”
