DENVER, Colorado – June 16, 2016 (SEND2PRESS NEWSWIRE) — Altavera Mortgage Services (Altavera), the premier provider of third-party residential mortgage origination services, today announced that Jennifer Fountain has been named senior vice president of due diligence and will have oversight of its closed-loan file review business.
A residential mortgage lending veteran of more than three decades, Fountain has had a career distinguished by its emphasis on credit and underwriting policy, operations, due diligence and training. She has previously held positions with Redwood Trust, Aurora Loan Services and SunTrust Mortgage, among others.
Altavera recently announced the expansion of its closed-loan file review services beginning in Q3 2016. Also known as pre-purchase review, closed-loan file review is the review and approval of loans prior to investor purchase, or the audit of a loan package prior to purchase by a correspondent buyer or aggregator.
“I worked with Jennifer at Aurora before she went to Redwood and know her to be an unrivaled expert in the fields of closed-loan file review and rating agency approval. She also has a long and deep history in credit policy and credit risk management,” said Altavera Chief Operating Officer Debora Aydelotte. “Jennifer possesses and exceeds the critical qualifications mortgage lenders and investors expect when they outsource closed-loan file review to a service provider partner.”
When independent, non-bank mortgage companies and investment firms begin to purchase loans, they often consider outsource providers to limit their exposure to poor loan quality.
Altavera’s closed-loan file review services include, but are not limited to:
* Validation of product acceptability to investor guidelines;
* Review of credit decision and supporting documentation;
* Confirmation of QM/ATR requirements;
* Performance of compliance review;
* Review of appraisals and property value validation; and
* Review of closing documentation.