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FBC Mortgage LLC has announced that it has enhanced its risk management policies and procedures governing its mortgage lending business by requiring independent screening and risk monitoring for all settlement agents having access to a borrower’s loan documents and mortgage proceeds. This is especially important given the Consumer Financial Protection Bureau’s “Know Before You Owe” Integrated Disclosure rule, effective Oct. 3, 2015. The process will be managed for FBC by SecureInsight, powered by Secure Settlements Inc., a vendor management firm specializing in closing table risk. The company will use both SecureInsight’s ClosingGuard and QuickCheck tools to evaluate the backgrounds, licensing, insurance and trust accounts of agents as a method to identify potential threats before a closing takes place.
SecureInsight’s vendor risk tools feed a shared, nationwide database of rated settlement professionals in the mortgage industry. This database is currently accessed by nearly 100 lenders throughout the U.S. to verify the status of tens of thousands of agents.
“We are pleased and honored to have been chosen by FBC for these critical risk management services,” said SecureInsight President Andrew Liput. “In our extensive dealings with the FBC 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.”
SecureInsight’s proprietary evaluation process combines automated data analysis with live reviews by trained analysts for the most accurate and informative risk analytics in the industry.
“We recognize our responsibility to protect consumers from identity and mortgage fraud, and our company continually seeks to not just meet, but to exceed, regulatory expectations for quality control and loan quality assurance,” said Michael Dunn, general counsel at FBC. “We take the management of third-party service providers seriously, both for operational risk and also for investor confidence and consumer protection. We spent several months evaluating various providers to help us address settlement agent risk, and were impressed with what SecureInsight has to offer in its Closing Guard and Quick Check products.”