Software Helps Reverse Mortgage Lenders Manage TPO Compliance

NewImage.jpgComergence Compliance Monitoring (CCM) announced the release of a new third party originator (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.

Realm Professional Edition 2.2 provides lenders with 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.

The suite also provides an application programming interface (API) allowing lenders to integrate with their LOS to transfer data electronically between the two systems.

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“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.”

RMD asked which reverse mortgage lenders the company was working with and was told “several of the larger lenders.”

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  • How can cross selling be monitored simply from a piece of software? Such monitoring requires laziness on the part of violators or their “honesty.” Either way such claims seem highly unlikely.

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