Loanwise Financial 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 Loanwise by Secure Insight. The company chose the 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 recognize our responsibility to protect consumers from harm caused by theft of funds, identity theft and mortgage fraud, and our company continually seeks to not just meet, but to exceed regulatory expectations of acceptable enterprise risk management,” said Omar Quddus, CEO at Loanwise. “We take the management of third-party service providers seriously 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 Secure Insight has to offer in its Closing Guard product.”
Closing Guard is the mortgage banking industry’s only tool that 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.
“We are pleased and honored to have been chosen by Loanwise for these critical risk management services. 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,” said Secure Insight Chief Operating Officer Wayne Doctor. “We are proud to be their partner in this important endeavor.”
