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Tag Archives: Loan Audits

Aklero Promotes Julia Hernandez to SVP of Professional Services

Aklero Risk Analytics Inc., a provider of mortgage quality control software and services, has promoted Julia Hernandez to SVP of professional services. Hernandez previously was Aklero's VP of implementations. Hernandez is an industry veteran with more than 25 years of experience in the information technology, banking, and finance industries.

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Allonhill Hires New Managing Director of Due Diligence

Allonhill, an independent third-party review firm specializing in mortgage due diligence and credit risk management, hired 25-year mortgage industry veteran Jennifer LeSueur as managing director of due diligence, overseeing Allonhill's private-sector due diligence operations. LeSueur previously served as director of underwriting at Teletech Loan Services and was VP of credit risk oversight at Aurora Loan Services.

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Allonhill Names Managing Director of Business Process Management

Allonhill, an independent third-party review firm specializing in mortgage due diligence and credit risk management, has hired Jim Sadler as managing director of business process management and analytics. He is responsible for refining the firm's business processes and operational strategy. Additionally, he will develop custom analytics to measure and report the company's performance and help put into operation a new client-facing implementation team.

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DebtX Offers Loan Portfolio Assessments to Value M&A Deals

DebtX, a loan sale advisor for commercial, consumer, and specialty finance debt, says it is working with a number of financial institutions to provide loan portfolio due diligence services to evaluate merger and acquisition (M&A) transactions. The company's M&A advisory service offers asset evaluation, loss forecasting, and cash flow analysis for buying and selling institutions considering strategic transactions.

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PMI Program Rewards Servicers for Foreclosure Prevention

Mortgage insurer PMI has announced the launch of a new program to identify mortgage servicers who score high marks for keeping borrowers in their homes. These companies will benefit from certain advantages when doing business with PMI. The company has identified certain servicing best practices that play a central role in maximizing home retention and achieving positive results for borrowers, communities, and mortgage investors, alike, and PMI says servicers who follow these practices should be recognized.

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Regulators Extend Deadline for Servicers’ Foreclosure Review Plans

The Office of the Comptroller of the Currency and the Office of Thrift Supervision have extended the deadline for 12 of 14 mortgage servicers to submit their plans for conducting foreclosure reviews. Under April's consent agreements, servicers are required to retain independent consultants to review all residential foreclosures processed in 2009 and 2010. Initially, servicers had until May 31st to submit their plans for these reviews, but at the request of the U.S. Justice Department, the deadline has been extended by 30 days.

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Wingspan Bolsters Audit Services to Help Clients Satisfy Consent Orders

Wingspan Portfolio Advisors, a specialty and component mortgage servicer, added 100 employees in the past 60 days to help servicers stay compliant with the interagency review issued this month by the Federal Reserve, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision. Two key enforcement actions were included in the consent orders for each servicer examined -- the hiring of an an independent consultant to review residential foreclosure actions from 2009 and 2010, and an expert assessment of risks in servicing operations.

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CoreLogic Releases RMBS Analysis Technology

CoreLogic recently released Vector Securities, a platform to enable transparent and dynamic loan-level analysis of non-agency residential mortgage backed securities (RMBS). The company says the transparency at both the deal- and loan-level provided by the new technology is key to enabling a new era of confident securitizations and reestablishing the RMBS market as private liquidity returns.

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Aklero Appoints Industry Veteran to Lead Sales Development

Aklero Risk Analytics, Inc., a Pennsylvania-based provider of automated data and document validity assurance for the mortgage industry, has appointed Richard J. Downing as EVP of sales. Downing is a veteran of the mortgage and consumer data industries, with more than 30 years' experience in working to deliver technology-based consumer lending solutions to residential and equity lenders.

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HUD Losses From Noncomplying FHA Loans Top $11M

HUD's Office of the Inspector General (OIG) reviewed more than 250 loans from 15 lenders and found that nearly half of those loans did not meet the Federal Housing Administration's (FHA) guidelines. The OIG launched Operation Watchdog in January 2010 to examine loans from the lenders and found areas of noncompliance, including misstatements of a borrower's income, liabilities, and credit history, which resulted in actual or expected FHA losses on default claims of more than $11 million.

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