MDMC Expands Business Presence in Las Vegas
Mortgage Data Management Corporation (MDMC), a mortgage loan analysis firm that provides due diligence and agency delivery services, has opened a new location in Las Vegas. The company reviews a variety of mortgage loans, including prime, subprime, Alt-A, home equity and reverse mortgages. Each review covers critical data issues, legal document issues, credit underwriting and federal, state and local compliance.
The new Las Vegas office will increase MDMC's in-house review capabilities, while allowing the company to tap in to the large pool of talented underwriters in the region and make travel to on-site locations in the western region of the country more convenient. The new office will allow MDMC to remain responsive to the increased demand for due diligence reviews by expanding their project capacity. Eventually, the company plans to have up to 50 in-house underwriters at the location.
"The opening of the new facility illustrates the company's continued growth and our commitment to consistent customer service," said K.J. Eickleman, director of underwriting operations for MDMC. "Choosing to open the office in Las Vegas was a strategic decision that will not only allow MDMC to decrease the amount of time it takes to send a road team to a western state, but it also gives our employees an alternative location to visit for training."
Karen Callans is the manager of the Las Vegas office, where she manages teams of underwriters as well as all production that goes through the office. Tapping into her 16 years of management experience, Ms. Callans will train the underwriters and continuously monitor and improve MDMC's processes.
"Karen has been involved with the mortgage industry since 1963 and she has completed road reviews for Wall Street firms since the early 1990s," noted Mr. Eickelman. "Her expertise is certainly an advantage to MDMC. Karen's assertiveness, quality-driven attitude and commitment to success will definitely be the driving force in creating successful outcomes for MDMC's Las Vegas branch office."
An example of Ms. Callans prowess came earlier this year when MDMC began offering reverse mortgage reviews in response to the sharp increase in the volume of reverse mortgage loans in the mortgage industry and the interest of MDMC's clients to purchase these loans in the secondary market. It was Ms. Callans who was tapped to spearhead the company's reverse mortgage initiative. She revised the company's review procedures and trained all of the underwriters specifically on reverse mortgages.
"A reverse mortgage is not payable until the borrower dies or sells the house, so there is no minimum credit or income requirement to qualify. Key differences such as this make the review process different from other loans," explained Ms. Callans. She added that the demand for MDMC's review services are expected to increase as the reverse mortgage sector expands with the impending wave of baby boomer retirements.
MDMC has more than 250 employees and contractors located in its Sussex, Wis. headquarters, at its new Las Vegas operations center and traveling contractors who conduct on-site due diligence reviews. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.bondbuyer.com/ http://www.sourcemedia.com/