Cranbury, N.J.-based Visionet Systems has enhanced its Mortgage Enterprise Risk Management (MERM) product. MERM is a workflow- and rules-engine-based system used to Define, Measure, Analyze, Improve & Control (DMAIC) and report on operational risk performance of a mortgage business.
Visionet recently finished an end-to-end rollout of the system at another top-10 mortgage bank. The system is being used to monitor underwriting practices, ensure quality, track deficiencies, manage repurchases and provide timely information to investors, line managers, the loan servicing department, business partners and agencies through portals.
According to Visionet, the solution maintains a real-time direct connection between information and collateral and offers foolproof methods to ensure data and document integrity. The system also enables controlled outsourcing of quality functions with 100% visibility and the ability to pull outsourced processes in-house at the click of a mouse. Six Sigma-based dashboards and skill/capacity-based work routing features are an integral part of the base solution.
‘The mortgage industry will need to realize that risk cannot be managed though a better origination or a redressed legacy servicing system,’ says Arshad Masood, president of Visionet. ‘It is the systematic disconnect between origination, secondary, and servicing which creates chaos and perpetuates risk. MERM can fix this gap for the lenders and investors who want to make money in the mortgage business.’
Source: Visionet Systems