The CrossCheck Advantage
Experienced and Credentialed Professionals
We hire only experienced professionals who possess the tools, methodologies, and hands-on experience to thoroughly assess the most challenging underwriting situations. With our team’s deep experience in the industry, we understand guidelines, matrices, and manual underwriting, and go beyond simply reading an automated underwriting system report.
Breadth of Compliance and Audit Expertise in Addition to Underwriting
Our firm is based on a solid internal control and risk management foundation providing our clients with the resources to effectively evaluate, implement, remediate, and maintain effective due diligence and compliance programs.
Commitment to Turnaround Times
We know that, especially in a rated securitization, meeting expected turnaround times is imperative. Our due diligence practice is committed to delivering on your expectations. We have a solid reputation among clients and investors, not only on turn-around times, but also on delivering high quality reports.
Rated Securitizations
CrossCheck’s due diligence process for rated residential mortgage-backed securitizations (RMBS), including both non-QM and jumbo loans, is independent, transparent, and designed to meet the standards of the rating agencies. Fitch, S&P Global Ratings, DBRS Morningstar, Kroll Bond Rating Agency and Moody’s have all reviewed CrossCheck Compliance and added us to their respective lists of accepted third-party due diligence firms for U.S. RMBS.
CrossCheck’s due diligence process meets rating agency requirements in the following fundamental areas:
Credit Review
As credit remains the most predictive indicator of a mortgage asset’s future performance, CrossCheck believes that a comprehensive review of the credit, loan documentation, and the credit decision made is the essential part of the due diligence process. Procedures must be in place to verify the accuracy of the credit documents and to validate that the lender’s internal credit policies and procedures were followed.
Compliance Review
Compliance has become a critical factor in the origination and acquisition of mortgage loans. As a compliance consulting firm, CrossCheck brings deep compliance expertise to the due diligence process. Our compliance review begins with running the mortgage asset through an automated compliance tool. Our seasoned analysts then review the results, continue the review by analyzing file documents (e.g. dates, signatures, and missing documents,) and resolve any open items arising from the review. We have also incorporated the TRID grid into our due diligence review protocol for rated securitizations.
Collateral Review
The goals of our collateral review are to determine the marketability and value of the subject property as well as verify that the appraisal report complies with applicable regulations. We accomplish these goals by combining our analysts’ experience with automated valuation tools and a comprehensive review checklist.
Data Integrity
With CrossCheck’s audit expertise, we have the background and experience to provide a data integrity review that can be relied upon. CrossCheck’s reporting package meets all rating agency requirements and can be customized to individual investor needs.
Portfolio Acquisitions
Our portfolio reviews include residential, consumer and commercial loans. CrossCheck develops and performs comprehensive reviews of origination and servicing portfolios customized to specific client needs such as litigation support, loan sale preparation, loan modifications, and risk assessments. CrossCheck’s management team works closely with clients to customize review scope, sampling, and final reports to each client’s specific needs.
Our comprehensive portfolio reviews help our clients identify various types of credit, collateral, compliance, fraud, and data integrity risks in the portfolio. This precise risk identification helps our clients accurately price and acquire all types of portfolios. It can also help improve policies and procedures. CrossCheck has also reviewed thousands of repurchase requests from private investors and agencies and is adept at preparing an effective rebuttal with supporting exhibit package.
- Portfolio Purchases
- Post-Purchase Reviews
- Commercial
- Repurchase Reviews
- Mortgage Fraud
- Litigation Support
- Compliance
Representative Engagements
- Securitization Due Diligence – performed due diligence on non-QM portfolios
- Bulk Whole Loan Purchases – reviewed portfolios to determine compliance with regulatory requirements, including state disclosures
- Portfolio Purchase for Large Nationwide Mortgage Company – reviewed samples of loans from each prospective acquiree to evaluate loan quality prior to acquisition
- Portfolio Purchases Held on Balance Sheet – performed due diligence similar to what is done for securitization
- Portfolio Purchases – performed due diligence on loan portfolios of companies being acquired
- GSE Repurchase Reviews – performed forensic reviews to verify the allegations in the GSE repurchase demand
- Mortgage Fraud Reviews – performed forensic review of acquired loans to determine existence of material representation
- Due Diligence Review – performed an independent assessment for the acquiring bank
- Post-Purchase Portfolio Review – reviewed credit risks and documentation of assets acquired from a failed bank
- Second Lien Portfolio Repurchase Reviews – reviewed loan origination and servicing contracts and loan files, evaluated underwriting exceptions, compliance issues, and misrepresentation
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