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.”