Visio Financial Partners With SSI to Vet and Monitor Settlement Agents
Visio Financial Services Inc. has announced that it has enhanced its risk management policies and procedures by requiring all settlement agents having access to a borrower’s loan documents and mortgage proceeds to first pass through a vetting and risk assessment process. The process will be implemented for Visio by Secure Settlements Inc. (SSI), a vendor management firm that specializes in closing table risk. Visio chose the SSI Closing Guard tool to evaluate the backgrounds, licensing, insurance and trust accounts of agents as a method to identify potential threats before a closing takes place.
Visio’s new quality control (QC) process will encompass comprehensive risk evaluation, reporting and ongoing monitoring for all closing agents handling its investor mortgage loans in the 34 states where it lends. The program is being rolled out following several months of discussions, negotiations, vendor management approvals and onboarding.
“We are committed to meeting and exceeding industry expectations for quality control and loan quality assurance,” said William J. Kerley, chief financial officer at Visio. “We also care about our borrowers and know that protection is a critical part of every lender’s enterprise risk management platform. We spent a good deal of time researching the right solution and were pleased to find the right tool to fit within our operations while offering a reliable solution to our borrower protection needs in this area.”
SSI President Andrew Liput said, “We are honored to have been chosen as the vendor for these critical risk management services. Visio is clearly commitment to quality control, borrower protection and overall loan quality assurance. We are proud to be their partner in that endeavor and look forward to working with them.”