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Bay Equity LLC and Bay Equity Home Loans have announced a partnership with Secure Settlements Inc. (SSI), the first vendor management firm to specialize in closing table risk. Bay Equity chose SSI’s Quick Check, Closing Guard and Vendor Check tools to ensure all its third-party service providers pass independent risk evaluation, rating, monitoring and reporting in order to gain access to a borrower’s loan documents and mortgage proceeds.
"Third-party service provider oversight is increasingly important in the lending industry," said Bay Equity Chief Operating Officer Sue Melnick. "After several months spent evaluating solutions to mitigating settlement agent risk, Secure Settlements’ products simply stood out as the best in the industry. As a leader in mortgage lending, our company continually seeks to not just meet but to exceed regulatory expectations for quality control and loan quality assurance. We take the management of third party service providers seriously in terms of operational risk, investor confidence and consumer protection.”
SSI monitors thousands of title companies, settlement agents, real estate law firms and other professionals through its proprietary technology and the mortgage industry’s only shared nationwide database. The database is accessed daily as a fraud prevention tool by state and federal banks, mortgage lenders and credit unions throughout the U.S.
“We are pleased and honored to have been chosen by Bay Equity for these critical risk management services,” said SSI President Andrew Liput. “In our extensive dealings with the Bay Equity leadership team, we saw first-hand their serious commitment to quality control, consumer protection and overall loan quality assurance.”