Altavera Mortgage Services will be expanding its closed-loan file review services beginning in the third quarter and will be making these services generally available to all customers.
The services include validation of product acceptability to investor guidelines; review of credit decision and supporting documentation; and confirmation of qualified mortgage (QM) and ability-to-repay requirements, among other types of reviews.
In addition to expanding the services, the company is also formally adding closed-loan reviews to its suite of offerings.
“Altavera has provided closed-loan review of agency and non-QM products on a limited basis since 2015,” says Brian Simons, president and CEO of Altavera, in a release. “Now, in response to increasing requests from larger firms, investors and aggregators, we’re pleased to formalize this service offering and make it available to all our clients.”
The service is ideal for firms that do not want to invest in building internal infrastructure to support a new or expanding correspondent purchase program but that, instead, wish to work with a knowledgeable partner.
“A successful loan purchase business strategy requires specific expertise and execution capabilities, many of which make sense for mortgage lenders and investors to outsource to a qualified service provider partner,” says Debora Aydelotte, chief operating officer for Altavera. “By partnering with Altavera, these businesses can be confident that underlying loan data and documentation support a purchase decision through factual, extensive review of credit, compliance and valuation.”
“Unlike other loan file review providers, Altavera is a U.S.-based, fully licensed and SAFE Act-compliant, mortgage-only business offering mortgage lenders and investors unmatched quality and scalability in closed-loan review just when they need it most,” Simons adds. “We feel strongly the needs of the mortgage industry are best served by domestically located providers.”
Altavera plans to increase its Denver-based staff by 30% to 35% over the next several months to support the new service offering. The firm is also doubling its office space within the Denver metro area to accommodate the expansion.