MassHousing Now Using Comergence For TPO Monitoring, Due Diligence

Posted by Patrick Barnard on March 20, 2016 No Comments
Categories : Residential Mortgage

MassHousing, an independent and quasi-public agency charged with providing financing for affordable housing in Massachusetts, is now using Comergence‘s platform to automate third-party originator (TPO) due diligence and compliance oversight.

MassHousing selected the platform because it is considered to be the industry’s most comprehensive, up-to-date and accurate TPO monitoring platform, Comergence says in a release.

The Comergence database houses 98% of all nationwide multi-state licensing system and registry registrants and covers more than 18,000 originating entities across the U.S.

MassHousing will use the platform to vet and qualify new TPO relationships. It currently works with about 170 partner banks, mortgage lenders and credit unions across Massachusetts.

Comergence claims its platform eliminates manual errors, missed renewal dates and incomplete due diligence efforts.

“MassHousing is regarded as an innovative industry leader in providing quality home mortgage products, and our partnership with Comergence is going to help us improve the accuracy and speed of our lender approval and recertification processes,” says Timothy C. Sullivan, executive director of MassHousing.

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