A California company is offering a new service that manages the entire broker and correspondent approval process for wholesale mortgage lenders.
ComplianceEase today announced the upcoming launch of TPO Manager.
The online system "automates the approval, licensing verification and relationship management of third party originators, making the previously cumbersome manual process of broker and correspondent lender approval and management faster, more accurate and highly cost-effective," ComplianceEase said. "Instead of manually securing and monitoring verifications, TPO Manager automates this process through real-time license and business credential verification."
The tool searches for company and individual originator licenses from all relevant state and federal agencies and stores it in a centralized management system, according to the statement. Because the solution is Web-based, staff members can instantly verify that a particular individual or organization is properly licensed and approved to do business with the company even when they're offsite.
The solution additionally offers other critical quality control and fraud mitigation services, including criminal and background checks, history of past bankruptcies and identity validation.
Watch lists that alert wholesalers if a broker or correspondent who has been flagged attempts to originate a loan can also be incorporated into the system, the San Francisco-based automated compliance solutions provider reported License verification can be set up to be performed on an ongoing basis at specified intervals, such as quarterly or monthly.
"Most other solutions only offer license searches if you know what you're looking for," said ComplianceEase Chief Executive John Vong in the announcement. "That's where we differ. TPO Manager is not a one-time license check.
"TPO Manager stores the results, performs ongoing monitoring, and incorporates relationship management tools, like storing digital tax records and proof of bonding, and tracking key contacts. It's more than a search for licenses. It is an intelligent approach to managing relationships."
Last month, DataVerify launched Third Party Verify, a database that continuously updates information from all regulatory sources that license mortgage originators. The key to that system "is the advanced sourcing technology that applies real time updates to our license repository from state regulatory sources," the company said.
DataVerify also offers another product that actively monitors the status of licenses and alerts customer when there is a change.
TPO Manager will be previewed at the annual convention of the Mortgage Bankers Association next week but is scheduled for general release in the first quarter 2007, ComplianceEase reported.