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Prospect Mortgage LLC has announced that it will implement the Secure Settlements Inc.’s Closing Guard tool to enhance risk management policies and procedures. SSI is the first vendor management firm to specialize in closing table risk. The company’s Closing Guard tool evaluates the backgrounds, licensing, insurance and trust accounts of agents as a method to identify potential threats before a closing takes place. It requires all settlement agents having access to a borrower’s loan documents and mortgage proceeds to first pass through a vetting and risk assessment process.
Prospect has chosen to implement Closing Guard through SSI to enhance quality control (QC) processes, conduct comprehensive risk evaluations, detect and prevent fraud and report and continually monitor all closing agents handling its residential mortgage loans in all states where the company conducts its loan mortgage business.
“As an industry leader, our corporate culture continually seeks to not just meet, but to exceed, regulatory expectations for quality control and loan quality assurance,” said Dana Stites, Prospect Mortgage’s senior vice president of operations and risk management. “We take the management of third-party service providers seriously for operational risk, investor confidence and consumer protection. Prospect spent several months evaluating various providers to help us manage settlement agent risk and it was impressed with Secure Settlements’ Closing Guard tool.”
“We are pleased and honored to have been chosen by Prospect for these critical risk management services,” said SSI President Andrew Liput. “In our extensive dealings with the Prospect leadership team, we saw first-hand their serious commitment to quality control, consumer protection and overall loan quality assurance. We are proud to be their partner in this important endeavor."