Comergence, an established provider of third-party vendor and risk-management platforms for the mortgage industry, is pleased to announce that MassHousing, a Housing Finance Agency (HFA), has selected the company’s exclusive platform for third-party originator (TPO) due diligence and compliance oversight. Here’s why:
MassHousing will use the Comergence platform, considered the industry’s most comprehensive, up to-date, and accurate third-party monitoring platform, to fully automate the agency’s third-party approval and oversight processes. The Comergence database houses 98 percent of all Nationwide Multistate Licensing System & Registry (NMLS) registrants and covers over 18,000 originating entities across the U.S.
Comergence will fully vet and qualify MassHousing’s new and existing third-party origination relationships. The Comergence platform eliminates manual errors, missed renewal dates and incomplete due diligence efforts.
MassHousing is not a direct originator of its home mortgage products and instead makes loans through 170 partner banks, mortgage lenders and credit unions across Massachusetts.
“We are excited to partner with MassHousing,” said Greg Schroeder, president of Comergence. “Our platform can assist housing authorities by providing a superior, cost efficient, compliant solution that allows agencies to focus on what’s important: bringing affordability and opportunity to underserved communities.”
MassHousing is one of many key correspondent lenders that use Comergence’s cutting edge technology. “MassHousing is regarded as an innovative industry leader in providing quality home mortgage products and our partnership with Comergence is going to help us improve the accuracy and speed of our lender approval and recertification processes,” said MassHousing Executive Director Timothy C. Sullivan.
The Comergence platform will integrate with MassHousing’s database of record, improving overall efficiency with its partner lenders. “Comergence has streamlined our workflow and document management with a paperless lender approval process,” said Susan Sheffer, MassHousing’s product development and lender approval manager. “Comergence will improve our efficiency and effectiveness by significantly reducing our lender approval turn times, so we can spend more time focused on approving high quality lenders.”
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.