TheMReport

March 2016 - RIP Dodd Frank

TheMReport — News and strategies for the evolving mortgage marketplace.

Issue link: http://digital.themreport.com/i/648057

Contents of this Issue

Navigation

Page 7 of 67

6 | TH E M R EP O RT MTECH CalyxSoftware. "Our product and pricing engine gives originators the broadest view of what is available." Mortgage Contracting Services Celebrates 30th Anniversary FOUNDED IN 1986, MORTGAGE CONTRACTING SERVICES HAS EXPANDED TO THREE LOCATIONS AND MORE THAN 750 EMPLOYEES. M ortgage Contracting Services, LLC (MCS), a provider of property preservation, inspec- tions, REO property maintenance, and valuations for the financial services industry, announced it is celebrating its 30th year of business operations. MCS was founded in 1986 in Tampa, Florida, and has grown steadily and adapted to a dynamic and evolving marketplace. The company has more than 750 employees at three sites: Tampa, Florida; Ruston, Louisiana; and Plano, Texas, which became the company's headquarters in 2007. Over the years, MCS has navigated massive economic shifts and blossoming regulatory requirements, according to the company. "MCS has been at the forefront of innovation in the mortgage servicing field during times of growth and turbulence, and our success is a real testament to our leadership team," said Caroline Reaves, CEO of MCS since 2009. "It's an honor to lead a company doing important work preserving communities around the country for our clients." A few highlights of the company's growth over the years include: • The 2012 opening of its operations center in Ruston. • In 2014, the Ruston facility doubled in size and can now accommodate up to 180 employees. • Also in 2014, the company expanded into appraisal and valuation ser - vices through the acquisition of MCS Valuations. MCS has protected and preserved communities across the nation for 30 years, according to the company. Some of the largest and most respected banks and mortgage servicers in the industry rely on MCS to perform property inspections, property preservation, REO property maintenance, valuations, and other default-related services in all 50 states. MCS has a history of providing these services in a highly regulated environment; the proven ability to handle large volumes of properties; and a record of recruiting, managing; and monitoring a substantial vendor network. Credit Plus Offers Reps and Warranties Coverage for Loan Default Protection THE NEW COVERAGE HELPS INSURE CLIENTS MEET THE EXPECTATIONS OF THE CFPB AND OCC REGARDING THIRD-PARTY VENDORS. C redit Plus Inc., headquartered in Salisbury, Maryland, a provider of insight for mortgage professionals, recently announced the company intro- duced reps and warranties coverage for all of its verification services. Credit Plus is a third-party verifications specialist offering more than 160 products and services for mortgage professionals, including credit reports, scoring tools, deposit and asset verifications, employment verifications, tax return verifications, fraud prevention tools, undisclosed debt verifica - tions, flood reports, appraisals, and more. According to Credit Plus, the coverage allows customers to better defend their companies against the negative financial consequences of a possible loan default and the resulting repurchase requests. The firm has undergone a stringent review process to obtain certification of its processes, and as a result, its customers are able to obtain the insured products. The insurance is underwritten by an insurer rated A by A.M. Best and A+ by Standard and Poor's. By offering insured products and extending the benefits of reps and warranties coverage to its customers, Credit Plus is acknowledging and respond - ing to the Consumer Financial Protection Bureau's (CFPB's) and Office of the Comptroller of the Currency (OCC's) ex- pectations that lenders are now ultimately responsible for practicing effective third- party risk management. "While we are confident in the quality of our verification services, we are also a strong proponent of best practices," said Greg Holmes, National Director of Sales and Marketing at Credit Plus. "This coverage helps our customers better meet CFPB's and OCC's expectations and demonstrate the rigor with which they are managing third-party risk," he added. "At the same time, this protection will give them greater assurance and peace of mind." Two Brands, One Solution { { We cover the territory. Futura Title & Escrow Corp.'s brands offer a single point of contact for all of your title and escrow transactions. Regionally focused, our footprint consists of 69 convenient branch locations serving 58 counties throughout Idaho and Oregon, and parts of Montana, Washington and Wyoming. While we are one of the largest title and escrow groups in the Northwest, you'll find that our local emphasis is reflected in our market expertise. Committed to maintaining compliance with the American Land Title Association's (ALTA) Title Insurance and Settlement Company Best Practices, our brands are distinguished as the trusted settlement service providers in the region. When your transactions cover more than one county, Futura Title & Escrow Corp. is your regional title and escrow solution. orders@futuratitle.com www.alliancetitle.com www.amerititle.com www.futuratitle.com Jenny Martin Senior VP & Corporate Business Development Director 208.955.9681 office 208.891.0481 cell jenny.martin@futuratitle.com

Articles in this issue

Links on this page

Archives of this issue

view archives of TheMReport - March 2016 - RIP Dodd Frank