Skip to main content

Homestead Funding Partners With SSI to Manage Vendor Risk

Feb 23, 2015

Homestead Funding Corporation 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 Homestead Funding 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 Homestead Funding.

“We have always had a sincere commitment to meeting regulator and consumer expectations for quality control and transparent loan operations services," said Jane Borbee, vice president of operations at Homestead Funding. "The management of settlement agent risk by controlling who has access to our funds and borrower personal and financial information is a key component of our business operations. We want to assure our investors, warehouse banks and customers we are doing everything we can to protect their interests in every transaction we close. After much research we found that the Secure Settlements’ Closing Guard product is simply the most comprehensive and capable solution for managing this risk.”

“We are pleased and honored to work together with Homestead Funding in managing these critical issues," said SSI President Andrew Liput. "The owners and managers at Homestead Funding Corp. are talented and experienced and clearly committed to quality control, consumer protection and overall loan quality assurance.”

About the author
Published
Feb 23, 2015
In Wake Of NAR Settlement, Dual Licensing Carries RESPA, Steering Risks

With the NAR settlement pending approval, lenders hot to hire buyers' agents ought to closely consider all the risks.

A California CRA Law Undercuts Itself

Who pays when compliance costs increase? Borrowers.

CFPB Weighs Title Insurance Changes

The agency considers a proposal that would prevent home lenders from passing on title insurance costs to home buyers.

Fannie Mae Weeds Out "Prohibited or Subjective" Appraisal Language

The overall occurrence rate for these violations has gone down, Fannie Mae reports.

Arizona Bans NTRAPS, Following Other States

ALTA on a war path to ban the "predatory practice of filing unfair real estate fee agreements in property records."

Kentucky Legislature Passes Bill Banning NTRAPS

The new law prohibits the recording of NTRAPS in property records, creates penalties if NTRAPS are recorded, and provides for the removal of NTRAPS currently in place.