Third-party originator management solution empowers lenders to automate the approval, verification and monitoring of brokers and correspondent lenders through real-time license verification, criminal background checks, past bankruptcy reports and more
SAN FRANCISCO, Calif. – Oct. 18 (SEND2PRESS NEWSWIRE) — ComplianceEase(R), the mortgage industry’s standard for automated compliance, has announced the upcoming release of TPO Manager, an innovative and cost-saving third-party originator (TPO) management solution that enables more efficient broker and correspondent lender relationships. TPO Manager automates the approval, licensing verification and relationship management of third party originators, making the previously cumbersome manual process of broker and correspondent lender approval and management faster, more accurate and highly cost-effective.
Traditionally, lenders have utilized entire in-house departments to manually verify and monitor proper licensing of their brokers and correspondent lenders. This can be a daunting task, especially for wholesale lenders whose broker lists can range from 25 to 30,000 individuals and participating companies that span multiple branches and offices across the country. With the addition of individual officer and originator licensing requirements in many states, the process has become even more cumbersome over the past year. “Instead of manually securing and monitoring verifications, TPO Manager automates this process through real-time license and business credential verification,” explained ComplianceEase CEO John Vong. “It’s simple to initiate and it quickly eliminates the need for manual verification. As a result, the lender can re-allocate valuable resources in other ways to make the businesses much more efficient.”
After data is imported from existing systems or is entered manually, TPO Manager does the rest. It searches for company licenses as well as individual originators from all relevant state and federal agencies. The solution then stores the licensing information in a centralized management system. Because TPO Manager is a Web-based application, once data is verified, it is stored where it can be readily accessed by field representatives, sales representatives and internal staff alike. At any time, staff members can instantly verify that a particular individual or company is properly licensed and approved to do business with the company, even if the staff member is offsite.
In addition to managing licensing information, TPO Manager also provides other critical quality control and fraud mitigation services such as criminal and background checks, information on past bankruptcies and identity validation. The system can even incorporate watch lists, so that the lender is alerted if an attempt to originate a loan is made by a broker or correspondent that has been flagged. As with license verification, all operations can be set up to be performed on an ongoing basis at specified intervals, such as quarterly or monthly, based on a company’s internal policies.
“Most other solutions only offer license searches if you know what you’re looking for,” said Vong. “That’s where we differ. TPO Manager is not a one-time license check. It is a complete solution for ongoing third party relationship management.”
ComplianceEase leverages its existing service-oriented architecture, offering Web services integration that enables loan origination and other types of workflow systems to communicate seamlessly with TPO Manager through a secure Internet connection. Internal company systems can automatically verify license status, enabling lenders to integrate a license validation check into their origination workflow. “By incorporating Web services integration, a lender can ensure that they are never originating or purchasing loans from a party that isn’t licensed or approved,” explained Vong.
Once originator information is entered into TPO Manager, the system handles relationship management and license monitoring automatically. “TPO Manager stores the results, performs ongoing monitoring, and incorporates relationship management tools, like storing digital tax records and proof of bonding, and tracking key contacts,” stated Vong. “It’s more than a search for licenses. It is an intelligent approach to managing relationships.”
TPO Manager will be previewed at booth # 833 during the 93rd MBA Annual Convention & Expo taking place in Chicago, Illinois on October 22-25, 2006. TPO Manager is scheduled for general release in the first quarter of 2007.
ComplianceEase, a division of LogicEase Solutions Inc., headquartered in the San Francisco Bay Area, is a premier provider of intelligent business solutions to the financial services industry. ComplianceEase’s web-based platform, ComplianceAnalyzer, is the mortgage industry’s leading automated compliance solution. The ComplianceEase expert system utilizes advanced reasoning and decisioning technologies as well as natural language processing to power beginning-to-end solutions in a fraction of the time and for a fraction of the cost of traditional approaches, while providing high levels of accuracy and integrity. ComplianceEase’s significant and growing client base includes top tier mortgage lenders, banks, and Wall Street firms. The company is managed by a team of highly experienced and innovative mortgage professionals, and is funded by the First American Corporation, the WI Harper Group, and the senior management team.
For more information about ComplianceEase, please visit www.ComplianceEase.com.
Strategic Vantage for ComplianceEase
News issued by: ComplianceEase
# # #
Original Story ID: (2123) :: 2006-10-1018-001
Original Keywords: ComplianceEase, LogicEase Solutions Inc, TPO Manager, intelligent business solutions to the financial services industry, John Vong, real-time license verification, criminal background checks, past bankruptcy reports, compliance software ComplianceEase