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Representative Engagements

Due Diligence Review

CrossCheck was engaged to perform an assessment of an acquisition target’s commercial loan portfolio and other real estate owned to identify concerns regarding the quality and collectability of the portfolio prior to purchase. CrossCheck’s review uncovered the lack of both adequate loan monitoring and basic loan administration procedures. This independent assessment allowed our client, the acquiring bank, to proceed with the transaction informed of the potential risks inherent in the portfolio.

Client Type

Community Bank (<$1 billion in assets)

Service Type

Due Diligence


Due Diligence Review of Residential Mortgage Loans

We were engaged by a regional bank to review a sample of loans from three proposed separate bulk whole loan purchases. The bank requested we determine whether the portfolios which were predominately conventional and jumbo loans, were originated in compliance with regulatory requirements.  All disclosures required by Regulation Z- Truth-in-Lending and Regulation X – Real Estate Settlement Act, including TRID as well as other compliance requirements such as flood insurance, Private Mortgage Insurance and Higher Priced Mortgages were included. The full review included examination of over 200 regulatory compliance questions per loan file as well as state disclosures for the 34 states within our sample. The weighted average maturity of the loans ranged from 3 months to 24 months. At the conclusion of the review, CrossCheck provided the bank with a summary of findings identifying high, medium and low risks for each loan so the bank could assess acceptable risk levels for each of the bulk whole loans considered for purchase.

Client Type

Regional Bank ($10-$50B in assets)

Service Type

Independent Compliance Review


GSE Repurchase Reviews

CrossCheck has assisted a number of its clients who received repurchase requests from Fannie Mae and/or Freddie Mac. CrossCheck performed a forensic review to verify the allegations in the GSE repurchase demand. Where appropriate, CrossCheck prepared the rebuttal letter and supporting evidentiary file, successfully rebutting thousands of repurchase demands.

Client Type

Large Bank ($50 billion + in assets)

Service Type

Portfolio Review


Mortgage Fraud Review

The mortgage subsidiary of one of the nation’s largest banks requested a forensic review of residential mortgage loans acquired from various mortgage lenders and correspondent banks. CrossCheck’s team of mortgage fraud experts reviewed loans to determine the existence of material misrepresentation, which would result in a request to repurchase the loan. CrossCheck determined on which loans repurchase should be requested and prepared the supporting evidentiary file, resulting in millions of dollars in mortgage putbacks.

Client Type

Large Bank ($50 billion + in assets)

Service Type

Portfolio Review


Portfolio Purchase for Large Nationwide Mortgage Company

A national mortgage lender sought to acquire several mortgage companies. Our client asked us to review samples of loans from each prospective acquiree to evaluate loan quality, for both underwriting and compliance, prior to moving forward on the acquisition.

Client Type

Mortgage Companies

Service Type

Portfolio Acquisitions


Post-Purchase Portfolio Review

Upon a client’s acquisition of the assets of a failed bank, CrossCheck performed a credit and documentation review of the acquired loans and interviewed loan department personnel at the failed bank. The review uncovered issues and loan documentation errors that posed credit and financial risk to our client. Our review provided the information needed to address ongoing administration of the acquired loans thereby mitigating future credit and financial risk of loss.

Client Type

Intermediate Bank ($1 – $10 billion in assets)

Service Type

Portfolio Review


Second Lien Portfolio Repurchase Review

A large regional bank, who had purchased a portfolio of second lien loans on a servicing retained basis, was concerned that the original underwriting was not as represented and was dissatisfied with the servicing. CrossCheck reviewed the loan origination and servicing contracts to understand each party’s rights (e.g. repurchase, termination of servicing) and performed a thorough review of the loan origination and servicing files. We provided our opinions regarding servicing in accordance with the contract and industry-standard practices. We also evaluated underwriting exceptions, compliance issues, and misrepresentation. As a result, the client was able to negotiate a favorable settlement and move the portfolio to another servicer.

Client Type

Regional bank ($10 – $50 billion in assets)

Service Type

Portfolio Review


Securitization Due Diligence

In anticipation of securitization, multiple clients have engaged CrossCheck to perform due diligence on non-QM portfolios. The reviews are designed to meet rating agency requirements and included analyses of credit, compliance, collateral, and data accuracy.

Client Type

Mortgage Companies

Service Type

Rated Securitizations