Meridian Bank Adopts Secure Insight’s Closing Guard Consumer Protection Tool – NMP Skip to main content

Meridian Bank Adopts Secure Insight’s Closing Guard Consumer Protection Tool

NationalMortgageProfessional.com
Nov 17, 2016

Meridian Bank 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 Meridian by Secure Settlements Inc. t/a Secure Insight, the first vendor management firm to specialize in closing table risk. 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 are pleased and honored to have been chosen by Meridian 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.”

Closing Guard evaluates, rates, monitors and reports settlement agent risk in real-time through a 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 recognize our responsibility to protect consumers from harm caused by theft of funds, 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 Thomas Campbell, SVP at Meridian. “We take the management of third-party service providers seriously, both for operational risk but also for investor confidence and consumer protection. We spent quite some time 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.”

Published
Nov 17, 2016
The Twelve Days of Renewals

The 2021 Renewal season brought no holiday joy to either regulator or industry users

Regulation and Compliance
Dec 07, 2021
CFPB Issues Final Rule To Facilitate Transition From LIBOR

The transition from LIBOR was set into motion after a criminal rate-setting conspiracy implicated large international banks and undermined public confidence in the index.

Regulation and Compliance
Dec 07, 2021
CFPB Alters Threshold For Exempting Loans From Special Appraisal Requirements

The 2022 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $27,200 to $28,500. 

Regulation and Compliance
Dec 02, 2021
Regulatory Review, Reformatted

The progress made to date with NMLS modernization

Regulation and Compliance
Dec 01, 2021
November Surprise: Fed May Accelerate Tapering

Chairman Powell tells Congress of concerns about inflation, COVID-19 variant’s effect on recovery.

Regulation and Compliance
Dec 01, 2021
FHFA's 2022 Conforming Loan Limit Maxes Out At Nearly $1M

Baseline limit for Fannie, Freddie increases to $647,200, but for 'high-cost areas' loan ceiling set at $970,800 for single-family homes.

Regulation and Compliance
Dec 01, 2021