In a move that further demonstrates its position as a premier broker-dealer in a niche market, South Street Securities, a Tier 1 member of FICC and MBSD with a current balance sheet of more than $30 billion, has selected Optimal Blue, a provider of secondary marketing automation and third-party oversight solutions to the mortgage industry, to strengthen its compliance regime.
By leveraging Optimal Blue’s Comergence due diligence and surveillance platform, South Street will be able to more readily satisfy internal and regulatory requirements.
Optimal Blue acquired Comergence Compliance in May.
Utilizing the electronic document collection and financial status reporting modules available on the Comergence platform provides South Street with a deeper understanding of a client’s financial health at the time of application, while enabling ongoing visibility during the life of the relationship, Optimal Blue claims in a press release.
Relying on system automation removes what was previously a labor-intensive review process while maintaining company protocols and compliance with regulatory mandates.
South Street’s mortgage-backed securities division began to-be-announced pipeline hedging for originator clients in 2017.
David DeBlase, chief financial officer of South Street, says the decision to move forward with Optimal Blue came after meticulous evaluations of compliance, surveillance and on-boarding platforms.
“We determined that the Comergence platform was able to effortlessly facilitate the various credit and compliance demands of a complex process that grants margin and hedging lines to our clients,” DeBlase says in the release. “Further, the system seamlessly complements the robust infrastructure that South Street employs to on-board, trade and clear securities.”