ORANGE, Calif., Aug. 2, 2011
Comergence Compliance Monitoring (CCM), a leading provider of third-party originator (TPO) risk management solutions, announces the release of Realm Professional Edition 2.2 Product Suite. Realm 2.2 creates a more holistic TPO management system that enables wholesale, correspondent and reverse mortgage lenders to oversee and execute all TPO communication and administrative activities through a single electronic portal.
Through the enhanced functionality of Realm 2.2, lenders have the ability to create custom alerts for credit and regulatory risk, electronically store documents on approved TPOs, assign and manage TPOs according to lender-defined criteria, and correspond directly with TPOs through internally branded, customizable electronic communications, including requests for TPO recertification as required by Fannie Mae.
Realm 2.2 also includes functionality to support lenders’ efforts in creating a fully electronic lending environment. Included in the updates is an application programming interface (API) that integrates Realm with a lender’s LOS so that data can be electronically transferred from Realm to the other system. Additionally, Realm 2.2 also allows lenders to accept electronic signatures for required documents through the system.
“The first half of 2010 has seen a dramatic shift in the regulatory landscape, putting compliance issues at the top of the list of mortgage originators’ concerns,” said Greg Schroeder, president of Comergence. “The updates to Realm reflect Comergence’s commitment to assisting both lenders and brokers in meeting the new demands of a stronger regulatory environment through enhanced due diligence and risk management.”
As added assurance to its reverse mortgage lender customers, Realm 2.2 also enables lenders to perform due diligence checks and verification to determine if a broker has or has ever had a securities license.
“Our reverse mortgage customers are extremely sensitive about protecting their potentially vulnerable clients,” Schroeder added. “This important addition to the Realm platform enables reverse mortgage lenders to ensure their approved brokers aren’t able to convert reverse mortgage proceeds to sell securities recklessly or inappropriately to that market niche.”
For TPOs who are members of Comergence’s Trusted Mortgage Professional program, Realm 2.2 enables them to electronically submit documentation to over 150 lenders listed in Comergence’s wholesale database, saving the TPO both the time and cost of creating documentation packages for each lender individually.
For more information on the additions to Realm 2.2, contact Michael Stallings at 714-495-4722 or firstname.lastname@example.org.