East Coast Capital Corporation has announced that it has enhanced its risk management policies and procedures governing its retail 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, to be managed by Secure Insight, the first vendor management firm to specialize in closing table risk. The company chose Secure Insight’s Closing Guard tool to evaluate the backgrounds, licensing, insurance and trust accounts of agents as a method to identify potential threats before a closing takes place.
“We are honored to have been chosen by East Coast Capital for these critical risk management services and are proud to be their partner in this important endeavor,” said Secure Insight CEO Andrew Liput.
Closing Guard is the mortgage banking industry’s only tool that evaluates, rates, monitors and reports settlement gent risk in real-time in the only nationwide database of mortgage closing professionals. The Secure Insight 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 take the management of third-party service providers seriously, both for operational risk but also for investor confidence and consumer protection,” said Seth B. Fass, president of East Coast Capital. “We spent many months evaluating various solutions to manage settlement agent risk, and were impressed with what Secure Insight has to offer in its Closing Guard product.”
