In order to assist mortgage field services companies with regulatory compliance, Aspen Grove Solutions and the National Association of Mortgage Field Services (NAMFS) have teamed up to introduce a new, standardized, centralized background check solution.
Dubbed Aspen iRecord, the new solution is designed to serve all industry stakeholders by providing a standard, universal tool for conducting background checks on field services personnel, such as property maintenance workers.
With this new solution, field services companies gain a cost-effective, one-check process for industry vendors with an industry-recognized background-check status number that is valid for multiple clients. What's more, the solution gives financial institutions (i.e., investors) access to internal controls and metrics to ensure that third-party services providers are background-check compliant.
‘As the oldest and largest mortgage field service trade association, NAMFS believes it was incumbent to be a leader on this solution,’ says Eric S. Miller, executive director of NAMFS. ‘Our primary goal and focus was to deliver a singular background-check process that will be adopted across the industry, eliminating the costly and cumbersome exercise for national, regional and local providers to have multiple checks done based on differing requirements of their clients.’
‘The collaborative approach to developing this solution has focused on the different levels of compliance requirements that may exist for each client and to capture them all under a single universally adopted standard,’ Miller adds.
Phase one of the solution was launched Sept. 9 by Aspen Solutions with support from First Advantage. A number of national and regional field service providers are actively engaged in the on-boarding program, which is being adopted by Wells Fargo Home Lending, the nation's largest mortgage servicer.
The two companies report that they will be expanding the solution's capabilities in the near future.
By developing a standard approach to conducting background checks, Aspen and NAMFS aim to enhance the credibility, reputation and professionalism of the mortgage field services industry, as well as to provide a positive contribution to improving consumer safety.
At the same time, the solution will help field services companies mitigate financial, legal and reputational risk.
The standard, officially launched at the recently held NAMFS annual conference, will support both current regulatory compliance and consumer protection guidelines, including those established by the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau.
‘This solution will help raise the bar of professionalism by providing an industry-standard criminal check, the ability to manage checks and the ability to prove compliance with the standard,’ says Sean Ryan, CEO of Aspen Grove Solutions. ‘The industry has decided to take a strong lead to demonstrate commitment and we proudly support that lead.’
‘This announcement represents a significant step toward standardizing background checks across the mortgage field services industry that will serve the best interests of the vendors and ultimately those of consumers, neighbors and communities,’ says Jim Taylor, senior vice president, property preservation, Wells Fargo Home Lending.