Credit Plus Now Offers Reps And Warranties For Its Verification Services

Posted by Patrick Barnard on January 21, 2016 No Comments
Categories : Residential Mortgage

To help its customers better defend themselves against loan defects and the resulting repurchase requests, Credit Plus, a provider of intelligent insight for mortgage professionals, is now offering reps and warranties coverage for all of its verification services.

In a release, company officials say because Credit Plus has undergone a stringent review process to obtain certification of its processes it can now insure its products.

The insurance is being offered through a provider with an “A” rating from A.M. Best and with an “A+” rating from Standard and Poor’s.

In extending the benefits of reps and warranties coverage to its customers, Credit Plus is acknowledging and responding to guidance from the Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC) 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,” explains Greg Holmes, national director of sales and marketing at Credit Plus. “This coverage helps our customers better meet CFPB and OCC expectations and demonstrate the rigor with which they are managing third-party risk. At the same time, this protection will give them greater assurance and peace of mind.”

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