Jennifer Fountain
Altavera Mortgage Services [1], a Denver-based provider of third-party residential mortgage origination services, has named Jennifer Fountain SVP of due diligence, according to an announcement from the company.
In her new position as SVP of due diligence with Altavera, Fountain will have oversight of the company’s closed-loan file review business, also known as pre-purchase review. Closed-loan file review is the review and approval of loans prior to investor purchase or the audit of a loan package prior to the package being purchased by a correspondent buyer or aggregator.
When they purchase loans, independent, non-bank mortgage companies and investment firms often consider outsource providers to limit their exposure to poor loan quality. Altavera recently announced that it would expand its closed-loan file review services starting in the third quarter. The company’s closed-loan file review services include:
- Validation of product acceptability to investor guidelines;
- Review of credit decision and supporting documentation;
- Confirmation of QM/ATR requirements;
- Performance of compliance review;
- Review of appraisals and property value validation; and
- Review of closing documentation.
Fountain has more than three decades of experience in the residential mortgage lending business. Her career has been distinguished by an emphasis on credit and underwriting policy, operations, due diligence, management, and training.
“I worked with Jennifer at Aurora before she went to Redwood and know her to be an unrivaled expert in the fields of closed-loan file review and rating agency approval. She also has a long and deep history in credit policy and credit risk management,” said Altavera Chief Operating Officer Debora Aydelotte. “Jennifer possesses and exceeds the critical qualifications mortgage lenders and investors expect when they outsource closed-loan file review to a service provider partner.”