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Apex Home Loans Inc. has announced that it has enhanced its risk management policies and procedures governing its mortgage lending business by requiring all settlement agents to pass independent risk evaluation, rating, monitoring and reporting in order to close their residential mortgage loans. The process will be managed for Apex by Secure Settlements Inc. (SSI), the first vendor management firm to specialize in closing table risk. The company chose the SSI Closing Guard tool to evaluate all settlement agents who wish to close loans with Apex.
“We are committed to meeting regulator and consumer expectations for risk management and loan quality assurance," said Judy Blank, chief compliance officer at Apex Home Loans. "We take seriously the management of settlement agents who have access to our funds and borrower personal and financial information and can impact operational risk, investor confidence and consumer protection. After months of research we concluded that Secure Settlements’ products stand out as the premier solution to manage this process for us.”
SSI President Andrew Liput said, "We are pleased and honored to work together with Apex Home Loans in managing these critical risk and quality control issues. In our extensive dealings with the Apex leadership team we were very impressed with their knowledge and commitment to quality control, consumer protection and overall loan quality assurance.”