Since the formation of the firm in 2008, CrossCheck Compliance has provided due diligence and loan review services to clients nationwide. Our due diligence services include portfolio acquisitions and rated securitizations. CrossCheck’s reviews of residential, commercial, and consumer loans have been used to support whole loan sales to private investors, purchases and acquisitions, servicing portfolios, non-performing loan audits, repurchase defense, quality assurance, and litigation support. As private-label securitization continues to grow, CrossCheck’s underwriting and compliance expertise has become invaluable to issuers and investors.
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.
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.
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.
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:
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 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.
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.
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.
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.