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1st Alliance Lending LLC 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. The process will be managed for 1st Alliance by Secure Insight, a vendor management firm specializing in closing table risk. The company chose Secure Insight’s Closing Guard and Quick Check tools to evaluate the backgrounds, licensing, insurance and trust accounts of agents as a method to identify potential threats before a closing takes place.
Closing Guard evaluates, rates, monitors and reports settlement agent 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. Quick Check is a comprehensive risk management evaluation report that supports a lender’s needs when an analysis must be completed in one business day or less.
“We are pleased and honored to have been chosen by 1st Alliance for these critical risk management services,” said Secure Insight Chief Operating Officer Wayne Doctor. “In our extensive dealings with their 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.”