Capital Markets Cooperative formed a strategic alliance with New Jersey-based firm Secure Settlements, an independent evaluation and risk management firm.
Under this new alliance, Secure Settlements will offer CMC members its third-party closing-agent risk management program at special terms.
"We’re excited to have Secure Settlements as a Cooperative partner," CEO of CMC Tom Millon said. With the Consumer Financial Protection Bureau and other regulators expecting more proactive third party vendor management, partnering with Secure Settlements will give our members comfort knowing they will be relying on a trusted source for the complete data needed to make intelligent choices about closing agents — before a wire is sent.”
President of Secure Settlements Andrew Liput said they want to limit the potential for fraud and negligence during mortgage transactions by compiling information that enables lenders and consumers to make informed decisions regarding their partners at the closing table.
CMC members will gain access to the company database of cleared agents and its 45,000 person watch list, Liput said.
These two companies are forming this alliance to make a huge impact on risk management, in dealing with assisting mortgage lenders in mitigating closing professional risk, they said.
Earlier in the year, WL Ross & Co., the private equity investment firm, invested up to $100 million in mortgage originator CMC.