Lenders Compliance Group said it is using Veros Real Estate Solutions' collateral integrity analysis product for prefunding and post-closing audits, early payment defaults, high default due diligence, as well as warehouse bank and portfolio reviews.
CIA analyzes, detects and identifies high-risk transactions by aggregating multiple data sets from an extensive range of vendors to provide the necessary information for users to evaluate risk exposure. The data are placed into a single report that is both easy to read and use, by giving users a subject risk score, market risk score and collateral integrity score.
David Rasmussen, senior vice president of operations for Veros, said, “This tool enables their loan analytics group to instantly measure the various risks associated within a transaction. It will replace the need to leverage multiple data sources and immediately strengthen their level of mortgage compliance.”
Lenders Compliance Group focuses on detecting regulatory compliance issues that directly affect residential mortgage loans. Clients include mortgage bankers, mortgage brokers, mortgage real estate investment trusts, banks, credit unions, correspondent and wholesale lenders, servicers and warehouse banks.
"The collaboration between Veros and Lenders Compliance Group is timely for my firm, inasmuch as we have sought to implement a reliable technology that provides statistically significant data about collateral valuation,” Jonathan Foxx, president and managing director of Lenders Compliance Group, said.
“For instance, clients retain us to provide a better understanding about loan performance and remedial action, and Veros’ CIA solution enables us to combine unique valuation findings with our own loan analytics and regulatory reviews."
