Credit Plus Inc., [1] headquartered in Salisbury, Maryland and a provider of insight for mortgage professionals, recently announced that the company has introduced reps and warranties coverage for all of its verification services.
Credit Plus is a third-party verifications specialist offering more than 160 products and services for mortgage professionals, including credit reports, scoring tools, deposit and asset verifications, employment verifications, tax return verifications, fraud prevention tools, undisclosed debt verifications, flood reports, appraisals, and more.
According to Credit Plus, the coverage allows customers to better defend their companies against the negative financial consequences of a possible loan default and the resulting repurchase requests.
The firm has undergone a stringent review process to obtain certification of its processes and as a result, its customers are able to obtain the insured products. The insurance is underwritten by an insurer rated A by A.M. Best and A+ by Standard and Poor’s.
By offering insured products and extending the benefits of Reps and Warranties coverage to its customers, Credit Plus is acknowledging and responding to the’s CFPB and OCC expectation that lenders are now ultimately responsible for practicing effective third-party risk management.
“While we are confident in the quality of our verification services, we are also a strong proponent of best practices,” said Greg Holmes, National Director of Sales and Marketing at Credit Plus. “This coverage helps our customers better meet Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC) expectations and demonstrate the rigor with which they are managing third-party risk,” he added. “At the same time, this protection will give them greater assurance and peace of mind.”