"As the oldest and largest Mortgage Field Service Trade Association, NAMFS believes it was incumbent to be a leader on this solution." Eric S. Miller NAMFS Executive Director
Stow, OH (PRWEB) September 19, 2013
Aspen Grove Solutions and The National Association of Mortgage Field Services (NAMFS) has announced the establishment of a background check standard and centralized solution designed for the mortgage field services industry. The standard, officially launched at the recently held NAMFS annual conference, will support both current regulatory compliance and consumer protection guidelines.
Current regulations mandate due diligence and oversight of vendors, including reviews of vendor policies, procedures and controls to manage risk to the consumer. As a result, industry professionals coordinated their efforts and have developed a solution that will prove valuable to all stakeholders while supporting compliance with the various regulatory guidelines, including those established by the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB).
Phase I of the solution was launched on September 9th by Aspen Grove Solutions with support from First Advantage. A number of National and Regional Field Service Providers are actively engaged in the onboarding program, which is being adopted by Wells Fargo Home Lending, the nation’s largest mortgage servicer.
“As the oldest and largest Mortgage Field Service Trade Association, NAMFS believes it was incumbent to be a leader on this solution. Our primary goal and focus was to deliver a singular background check process that will be adopted across the industry, eliminating the costly and cumbersome exercise for national, regional and local providers to have multiple checks done based on differing requirements of their clients. The collaborative approach to developing this solution has focused on the different levels of compliance requirements that may exist for each client and to capture them all under a single universally adopted standard.” - Eric S. Miller, Executive Director - NAMFS
This industry solution, branded as Aspen iRecord™, will deliver benefits to all stakeholders, including:
•Positive contribution to improving consumer safety and well-being in the home/property;
•An all-round increase in confidence and peace-of-mind with the knowledge that vendors have passed an industry approved background check;
- Enhanced credibility, reputation and professionalism of the mortgage field services industry;
- Cost-effective one-check process for industry vendors with an industry recognized background check status # which is valid for multiple clients;
- Helps to mitigate against financial, legal and reputational risk;
- Financial institutions now have internal controls and metrics to ensure that a third-party service provider is industry background check compliant; and
- Financial Institutions will be able to address issues of non-compliance.
”Aspen Grove Solutions is delighted to be a key contributor to this industry initiative. As an independent solution provider, we have been providing solutions in this industry for a long time and we know how hard people work in the field and in the Financial Institutions to ensure the best outcome for homeowners and consumers. This solution will help raise the bar of professionalism by providing an industry-standard criminal check, the ability to manage checks and the ability to prove compliance with the standard. The industry has decided to take a strong lead to demonstrate commitment and we proudly support that lead.” –Sean Ryan, CEO Aspen Grove Solutions
Aspen Grove Solutions, NAMFS and other key promoters view this industry solution as a starting point, and shall continue to review the current standards, additional background check providers and additional phases, such as on-site verification. Dialogue is underway with additional stakeholders to collaborate and provide solutions across the mortgage field services industry.
“This announcement represents a significant step toward standardizing background checks across the mortgage field services industry that will serve the best interests of the vendors and ultimately those of consumers, neighbors and communities.” - Jim Taylor, SVP, Property Preservation, Wells Fargo Home Lending
The National Association of Mortgage Field Services, Inc. (NAMFS) is the premier trade
association for the mortgage field service industry. We are dedicated to working with all entities of the industry from the government agencies and investors that set policy to the contractors and inspectors that perform the work.
ABOUT Aspen Grove Solutions
Aspen Grove Solutions incorporated in Delaware with Corporate offices located in Frederick, MD is a leading technology provider of business management solutions and software applications for the default property market, including REO, Short Sale, Asset Management and Property Preservation and Inspections. The Aspen iFamily™ suite of property related solutions is relied upon daily by organizations of all sizes to run their operations in an efficient, productive, and cost effective manner.
ABOUT First Advantage
First Advantage provides comprehensive screening, identity and information solutions that give employers and housing providers access to actionable information that results in faster, more accurate people decisions. With an advanced global technology platform and superior customer service delivered by experts who understand local markets, First Advantage helps customers around the world build fully scalable, configurable screening programs that meet their unique needs. Headquartered in Alpharetta, Ga., First Advantage has offices throughout North America, Europe and Asia. More information about First Advantage can be accessed at http://www.fadv.com.
Aspen Grove Solutions
Head of Global Business Development and Marketing
Executive Director - NAMFS