Mortgage Participant Report

Birchwood’s Participant Report helps you easily monitor watch lists and stay informed about any potential excluded parties.

This service instantly validates all participants in a mortgage (including anyone involved in the origination, underwriting, or servicing of the mortgage) financing transaction. The report ensures that no participants are on any excluded party lists and assists lenders in meeting compliance with regulations from the Office of Foreign Assets Control (OFAC), Bank Secrecy Act (BSA), the USA PATRIOT Act, and the Fannie Mae Loan Quality Initiative (LQI) (Validation of Qualified Parties). The report also confirms that the appraiser’s license is current.

The report is automatically generated using the most current version of the watch lists. The single, detailed report eliminates the need to track one source per watch list, run multiple checks, or spend large amounts of time reviewing a variety of different report formats.

Birchwood’s Participant Report will help you:

• Reduce risk of loan repurchase
• Ensure consistent, objective compliance with secondary market and regulatory requirements
• Simplify data extraction from LOS
• Execute a comprehensive search of multiple excluded party lists and license check databases
• Meet loan level reporting, quarterly & annual reporting, and portfolio analysis requirements

Product Features:  

Thorough & complete information:

• Objective, independent search results
• Comprehensive list check: The report is derived from searches that span over 200 government agencies containing over 200,000 entries for all persons or businesses who may be excluded from government-funded programs including:
  • GSA (General Services Administration) Excluded Party List
  • OFAC-SDN (Office of Foreign Assets Control list of Specially Designated Nationals)
  • HUD LDP (Limited Denial Participation List)
  • Appraisal Subcommittee List
  • Optional: Client provided lists (can include other watch lists) 
• Detailed information on possible matches for quick and easy review
• Automatic, daily updates of watch lists providing you with the most current information possible
• Intelligent search technology ensures fewer false negatives to reduce staff review time, while still returning relevant matches

Convenience:

• Easy data entry or file import for fewer false negatives and false positives
• Instant loan level checks – detailed PDF report returned for electronic or paper loan file
• Automated batch search of portfolio or staff and vendors for one time or periodic compliance checks
• Tracked results that lets you can mark any items that you have reviewed and cleared so they do not appear again unless there is new sanction activity
• Documentation for all searches is generated electronically to save and/or print
• 24/7 web access that doesn’t require a software installation
• Flexibility and an easy-to-use interface requiring no experience or special training

Security:

• Secure storage and daily backups
• An encrypted, password-protected system 

The Participant Report is a low-cost, highly effective solution that will improve your compliance efforts, and reduce staff time to perform these checks to only minutes per month. We monitor all of your subscribed federal and state databases and report back to you in one simple format, eliminating the need to track multiple sources and run multiple checks.

The Participant Report service is available in two options:

Option 1: Participant Report (Loan-Level Search)

• Complete the loan-level participant form with all key individuals and/or company participants involved in the loan
• Instantly receive a Participant Report confirming results of the excluded party search and the appraiser license search

Option 2: Batch File Search

Upload a CSV file or Microsoft Excel file:

One Time Batch

• Submit a list and select the watch lists to be searched
• Batch run overnight and an Excel file is returned with summary and details on any matches
• Make annual or quarterly OFAC screening quick and easy helping to ensure compliance
• Automate portfolio review and staff update and quickly review potential new staff and vendors

Monitoring Batch

• Submit a master file of individuals and companies (i.e.: staff and vendors)
• Select the frequency for the monitoring: daily, weekly, monthly
• The watch lists on the system are updated when the list owner issues an update (some watch lists are updated monthly, others at irregular intervals)
• An email alert is sent if an individual or company is a match to the latest watch list.