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NetMore America Engages Comergence Compliance Monitoring To Enhance TPO Approval Process

End- to end solution provides due diligence, management and ongoing compliance surveillance. Offers mortgage brokers and mortgage professionals a centralized and efficient lender approval platform

FOR IMMEDIATE RELEASE

 
 
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PRLog (Press Release) - Feb. 9, 2010 - WALLA WALLA, WASHINGTON - NetMore America, Inc
(“NetMore”), an expanding next generation mortgage banker, announced today it has
engaged Comergence Compliance Monitoring (Comergence), a third party originator due
diligence solution provider to the mortgage industry, to manage all reviews and continuous profile monitoring of all third party originators (TPO) working with NetMore.

Comergence, which is based in Orange, CA, provides mortgage lenders a comprehensive alternative to an in-house TPO approval desk, through an end-to-end service solution, that provides due diligence, management and compliance surveillance.  Through a standardized industry best-practice process, Comergence delivers mortgage lenders unparalleled information on mortgage brokers including a robust background check of any TPO applying to do business with a mortgage lender.  The multi-faceted check includes a 50 state license status and derogatory review, industry sanctions reviews, Social Security Number verification for authorized principals, Patriot Act compliance, civil and criminal convictions, business credit, address verification, bankruptcies, liens, and judgments search among many others.

The Comergence online platform is available 24/7/365 and aggregates and appends publicly available data with its own proprietary data which offers mortgage lenders a richer view of any TPO.  All data is verified by the Company’s expert analysts and made available in a comprehensive report, which includes all documents related to the application.  Any TPO that has been previously vetted by Comergence for one mortgage lender can quickly be approved by a new lender as the profile is current and readily available.

“NetMore is committed to working with the highest quality mortgage brokers in the industry in a “friction free” manner.  We believe Comergence’s centralized platform will not only mitigate risk and lower our costs associated with the TPO approval process, but also accelerate the opportunity for NetMore to begin working with quality production partners,” commented Lisa Schreiber, Chief Strategy Officer of NetMore.

“We are very excited about partnering with NetMore, a company that clearly understands the power of the right relationships to drive business,” stated James Deane, Executive Vice President of Comergence.  “Our innovative solution offers all parties in a mortgage relationship the foundation to trust one another by providing an independent, consistent and comprehensive due diligence review and addresses the key issues of transparency in the mortgage process.”

About NetMore America

NetMore America is a next generation mortgage leader building a sustainable national platform through responsible lending.  The Company was founded in 2006 and has expanding retail and wholesale mortgage originations channels.  NetMore’s product mix is currently 50% FHA and 50% agency loans.  NetMore employs about 215 persons and is based in Walla Walla, Washington, with its operations center located in Clackamas, Oregon.  For more information on NetMore please visit www.netmoreamerica.com.

About Comergence Compliance Monitoring

Comergence Compliance Monitoring, headquartered in Orange, California, is the mortgage industry’s only end-to-end, outsource solution for TPO management and compliance monitoring providing a comprehensive alternative or enhancement to a lender’s in-house management and monitoring resources. Using a variety of best-practice processes, proprietary monitoring technology and hands-on service protocols, Comergence provides lenders unparalleled simplicity, security and quality.  For more information on Comergence visit http://www.comergencecompliance.com

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements that are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including, but not limited to, the results of capital raising efforts, conditions in the residential lending market, regulatory changes pertaining to the mortgage industry, interest rates, general trends in the housing markets, the impact of competition, and other risks. NetMore undertakes no obligation and has no intention of updating forward-looking statements.

MEDIA CONTACTS:               
John Lovallo
Lovallo Communications Group
Telephone: 203-431-0587
Cell 203-526-6371
Email: johnlovalloirpr@sbcglobal.net

# # #

About NetMore America

NetMore America is a next generation mortgage leader building a sustainable national platform through responsible lending. The Company was founded in 2006 and has expanding retail and wholesale mortgage originations channels. NetMore’s product mix is currently 50% FHA and 50% agency loans. NetMore employs about 215 persons and is based in Walla Walla, Washington, with its operations center located in Clackamas, Oregon. For more information on NetMore please visit www.netmoreamerica.com.

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Source:NetMore America
Industry:Mortgage, Banking, Technology
Tags:Mortgage, third party originator, due diligence, mortgage broker, responsible lending, mortgage professionals
Shortcut:prlog.org/10525595
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