After you approve a TPO and grant them access to your systems, you’re typically required to have an oversight process in place. This is especially important if you sell to Fannie Mae or Freddie Mac. If you sell directly to non-GSE investors, your oversight requirements may be less stringent.
Keep in mind that most investors also conduct loan-level risk analysis multiple times throughout the origination process.
Here’s what we’ve seen regarding oversight:
Manual PDFs
Most investors handling applications manually use LexisNexis MIDEX, Reuters CLEAR or First American VMS to manage their oversight process.
Comergence
Since Comergence has built-in risk alerts, investors don’t need to invest in another platform to manage oversight. However, if the investor approves TPOs outside of Comergence, they may need to implement a separate oversight process, depending on the type of TPO relationship.
Loanscape
With Loanscape, we adapt to the investor’s needs. If an investor already has an oversight system in place, they can integrate Loanscape with that system. Alternatively, if they prefer to use Loanscape for oversight, we offer that option as well.