Mary Kladde is the founder and CEO of Titan Lenders Corp, a Denver, CO based provider of mortgage fulfillment, back office fulfillment, mortgage closing and post closing services.
Filed under: Cover Your Assets — admin @ 9:50 am
Not interested in managing the kind of operational detailed previously mentioned (in the CYA series here)? Want to focus on originations – your front end income generator? There are service providers such as Titan Lenders Corp. that can manage these pieces, as well as many other details not mentioned, which can help provide the risk mitigation you seek.
Click here for more information.
Filed under: Compliance, Cover Your Assets — admin @ 12:30 pm
Compliance checks…know what they are? Know what they do? Most investors conduct them prior to funding or purchasing a loan. It’s a good idea be conducting them and have them in place. It’s even better if you know the purchasing investor’s vendor preference. This way you are already ahead of the game in meeting required purchasing standards.
More to come…
Filed under: Cover Your Assets — admin @ 12:00 pm
Read part one here and part two here…
Does your operational process include fraud checks on individual borrowers and properties prior to underwriting, or at the very least before closing, as part of your internal due diligence process? There are a number of automated tools that provide easy access to CYA in this arena. While they do not guarantee prevention of fraud, such effort goes a long way in the demonstration of a good faith effort to prevent any such occurrences.
To be continued…
Filed under: Cover Your Assets — admin @ 4:16 pm
Part two of a series beginning here.
Let’s start with documents. Are you compliant on state and federal levels on initial disclosures and/or closing documents? If you’re not sure, you have a problem and it should be addressed immediately. You have several options available to you to help resolve issues of this sort:
All options mentioned above have their time and place. If you’ve been around a while, are experienced, and interested in risk mitigation, find a good doc prep company that will rep and warrant their initial and final disclosures/documents on a state and federal levels. This combined with a strong internal QC Policy and a diligent and conscientious Quality Control Service should serve you well in the area of CYA.
To be continued…
Filed under: Cover Your Assets, Subprime Crash — admin @ 3:22 pm
Do you lend in multiple states? Have the state auditors come a callin’? Are you feeling the ramifications of the Subprime meltdown in your very ordinary vanilla lending practices? Regardless of your lending practices, what has happened in the industry is going to impact you.
Auditors are combing through every detail in a transaction pouncing on the slightest infractions. Additionally as some of you may have experienced, these audits are also often subjective depending on a given auditor’s preferences and understanding of requirements.
Are you feeling the lack of risk mitigation in your business model?
Could you use a little CYA? And, that stands for “COVER YOUR ASSETS”!
More to follow…