Comergence Compliance Monitoring Upgrades Professional Edition of TPO Monitoring, Due Diligence Solution

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 michael@comergence.com.

 

Wholesale Lenders Select Comergence Compliance Monitoring for TPO Due Diligence Solutions

ORANGE, Calif., June 16, 2011

Comergence Compliance Monitoring, a leading provider of third-party originator (TPO) monitoring and due diligence solutions, added five wholesale mortgage lenders to its client roster in May 2010.

Gateway Funding Diversified Mortgage Services, L.P. is a full service mortgage banking firm with it’s headquarter in Horsham, PA. Established in 1994, Gateway Funding has grown to become one of the largest privately-held mortgage companies licensed in most states. For additional information on Gateway, visit https://wholesale.gateway-funding.com.

Real Estate Mortgage Network (REMN), a national direct mortgage lender headquartered in River Edge, N.J. With more than 600 employees located throughout the East Coast, REMN has issued more than $600 million in Ginnie Mae and Fannie Mae securities. In 2009, REMN funded more than $3.5 billion in loans. For additional information on REMN, visit www.remn.com.

RightStart Mortgage, a full service mortgage banking firm and Fannie Mae direct lender specializing in conventional, VA and FHA residential mortgages. Headquartered in Arcadia, Calif., RightStart Mortgage is approved to lend in nine states, including California, Arizona, Colorado, Texas, Montana, New Mexico, Oregon, Wyoming and Washington State. For more information, visit www.rightstartmortgage.com.

MorganStrause, a full service mortgage banking firm and Fannie Mae and FreddieMac direct lender specializing in conventional, jumbo and FHA residential mortgages. Currently MorganStrause lends in California only and is headquartered in Irvine. For more information, visit www.morganstrausedirect.com.

CUSO Mortgage, headquartered in Anaheim, California, is a full-service mortgage banking company established in 1986. For more information on states CUSO is licensed in, how to apply to become approved and loan programs they offer, contact Oscar Moran at omoran@cusomortgage.com or 888-400-5000, ext. 4341.

“The renaissance of the wholesale channel is in full swing, and lenders are eager to assuage investor concerns regarding TPO-originated loans,” said Greg Schroeder, president of Comergence. “By investing in sophisticated TPO due diligence and monitoring solutions from Comergence, lenders are confirming their commitment to quality control and above-board lending practices.”