These new programs maintain SSI’s position as the industry leader and innovator when it comes to third party service provider risk management.
Parsippany, NJ (PRWEB) April 09, 2013
Secure Settlements, Inc., a Northern New Jersey based risk management firm, announced today that it has launched two new lender subscription fraud tool programs assisting in the evaluation, monitoring and reporting of closing agent risk.
Closing Guard™ is a result of the continuing evolution of the SSI risk management program, designed to help lenders uncover and reduce fraud risks while simultaneously providing better consumer protections surrounding the residential mortgage closing ceremony. Following consultation with key industry partners, including retail banks, warehouse banks, mortgage lenders, title and escrow agents and professional associations, SSI has created a subscription fee based service that allows banks to adopt the SSI Closing Guard™ program as a new tool for quality control and loan quality assurance while shifting the cost of vetting, monitoring and reporting of risk away from agents. The cost shift allows banks and mortgage lenders to avoid competitive disadvantages while meeting their regulatory obligation to address closing agent risk in the daily operation of their businesses.
The agent paid model will not disappear. Agents who choose to become vetted and join the SSI National Closing Agent database as a marketable credential can choose to pay the applicable vetting fee ($299/$99) and gain the advantages of independent vetting, monitoring and reporting for twelve months, which gives them access to the SSI photo ID card, SSI Vetted Agent Seal, eligibility for discounted insurance, free fraud and best practice resources, and discounted continuing education programs.
Lenders who desire to do business only with vetted agents for risk management purposes will pay the Closing Guard™ subscription fee which will allow all of the agents they choose to handle their funds and documents to become vetted, without any cost to those agents.
The subscription fee for lenders is based upon lender loan volume and ranges from $7-$15 per closing monthly. It includes agent vetting, ongoing monitoring and reporting, and unlimited access to the searchable SSI database. Agents will be vetted and rated for risk using the same comprehensive risk evaluation methodology SSI has pioneered previously as the leader in closing agent risk management.
While the SSI Full Vetting Closing Guard™ program offers the best peace of mind when it comes to risk management, sometimes wholesale lenders must deal with last minute decisions that do not afford the luxury of time for full vetting programs. As a result, SSI has developed the Quick-Check™ light vetting program for these lenders, offering a scaled down version of vetting with results reported in 60 minutes or less, guaranteed. The cost of the program is less than what a lender would have to pay if they built a system internally and is simply the best value for the money in the closing agent risk management market.
SSI President and CEO Andrew Liput stated, "These new programs maintain SSI’s position as the industry leader and innovator when it comes to third party service provider risk management. We are excited about the launch of Closing Guard and Quick Check and look forward to doing the ‘heavy lifting’ needed by mortgage lenders in this area of regulatory compliance so they can focus on what they do best: selling loans.”
For more information about Secure Settlements, Inc. please visit http://www.securesettlements.com.