Mortgage Services
Providing executable risk management solutions for the mortgage industry
About Us
ICAP Mortgage Services (ICAP MS) is a team of seasoned risk management professionals
for residential mortgages with extensive experience covering the full mortgage life
cycle. Having built and managed numerous solutions to effectively manage mortgages,
our core competency is the application of knowledge, expertise and technology to
identify and quantify risk, drive optimal economic decisions and facilitate work
flow.
In response to increased risks and heavy losses being experienced, ICAP MS has turned
its focus to one of the primary culprits - mortgage fraud. The ICAP
MS team brings unique insight and experience to this effort including investigative
work across the country for lenders, major banks, GSE’s, insurance companies and
law firms. Services being performed for current clients include top tier banks and
a GSE focusing on the identification, investigation and mitigation of mortgage fraud
to combat exposure to losses and facilitate recovery efforts.
Sample Services - Fraud Investigation and Recovery
Services can be tailored in accordance with client objectives based on risk exposure, capacity needs, cost and applicable financial strategies. Click through to see more detail on these offerings.
Discovery/Fraud Reviews:
ICAP MS comprehensive approach goes far beyond traditional reviews for fraud with research using methodologies developed by fraud experts along with the use of proprietary resources.
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ICAP MS review processes for fraud are designed by fraud experts to indentify fraud for profit and for housing. At client discretion, reviews may be comprehensive to include the full scope, or be more narrowly focused on higher impact items or supplement work already in progress to reduce cost.
For lenders, including retail, wholesale and correspondents, post closing QC is being stepped up with more focus on fraud to significantly reduce financial exposure to repurchase claims or the denial of mortgage insurance due to the presence of mortgage fraud.
For sellers, buyers, insurers and other interested parties, ICAP MS reviews provide comprehensive findings needed to maximize recovery or counter invalid claims.
Key Components
Ø Data Assembly and Analysis
Ø Validation / Reverification
Ø Research / Investigation
Ø Borrower Interviews
Ø Findings
Primary Misrepresentations
Ø Borrower Identity
Ø Source of Funds
Ø Undisclosed Debt
Ø Credit Alterations
Ø Employment / Income
Ø Occupancy
Ø Value
ICAP MS Deliverables
Ø Data File
Ø Findings (data and/or narrative format)
Ø Evidence / Supporting Documentation
Ø Analysis / Management Reporting
Ø Other (as directed)
Pricing Structure
Ø Priced per file in accordance with directed scope
The key to maximizing recovery is not only knowing what to look for to uncover fraud, but how to present the findings so they are actionable.
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Fraud Investigations:
ICAP MS can put “boots on the ground” if necessary.
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ICAP MS review processes for fraud are designed by fraud experts to indentify fraud for profit and for housing. At client discretion, reviews may be comprehensive to include the full scope, or be more narrowly focused on higher impact items or supplement work already in progress to reduce cost.
Examples
Ø Locate / Identify Parties
Ø Onsite Interviews
Ø Research Records
Ø Assemble Evidence
Ø Asset Searches
ICAP Deliverables
Ø Data File
Ø Findings (typically narrative format)
Ø Evidence / Supporting Documentation
Ø Other documentation/findings as required by client scope
Pricing Structure
Ø Priced by trip / hour plus reasonable expenses with preapproved estimates.
Knowing how to find factual information saves time and money and improves the likelihood of success.
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Case Investigations:
For incidences involving multiple loans and conspirators, ICAP MS provides a case file to pursue claims and/or legal action tying together parties, facts and documents to pursue the culprits.
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Cases involving multiple loans and conspiring parties can have huge financial impacts, but can often be some of the most complicated and difficult cases to assemble and pursue. While most service providers work primarily at the loan-level, ICAP MS can provide the case-level prospective needed to effectively pursue recovery. Deliverables include the loan-level work along with case summaries and documentation to “tell the story” and initiate the process of recovery and/or prosecution.
Example Schemes
Ø Builder Bailouts
Ø Flipping Schemes
Ø Identity Fraud
Ø Settlement Agent Fraud
Ø Reverse Simultaneous Closings
ICAP Deliverables
Ø Loan-level Findings (see Fraud Reviews)
Ø Case Level Summary
Ø Case Matrixes- Timelines, Participants, Misrepresentations by Loan, etc.
Ø Parties Diagram
Ø Evidence / Supporting Documentation
Pricing Structure
Ø Priced by Case / Loan Count
ICAP can also assist clients in isolating common threads to identify costly institutional fraud.
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Recovery / Claims:
ICAP MS senior management have been on both sides of claims / counter claims and have handled $ billions in repurchases in various roles.
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ICAP MS has been successful assisting clients identify opportunities for recovery that otherwise would have been deemed uncollectable. This includes recovery alternatives from other responsible parties when the seller is no longer around to repurchase the asset.
ICAP MS can also provide additional capacity and expertise in the preparation, filing and collection and/or rebuttal of repurchase claims.
Example Projects
Ø Viability of Parties
Ø Alternative Claims
Ø Claims processing
Pricing Structure
Ø Priced by Project
ICAP has worked with clients on a variety of projects including "outside of the box" methods to pursue alternative means to reduce loss exposure.
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Risk Management:
ICAP takes a forward-looking approach to identify and quantify risk.
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The ICAP MS team has built innovative solutions to automate processes and manage risk for the mortgage space through the integration of advanced technologies and external data sources. These capabilities may be leveraged to help expand risk management strategies impacting the bottom line.
Examples to Supplement Management of Risks
Ø Screening-the isolation of risk characteristics at low cost.
Ø Portfolio Segmentation-stratification by risk characteristics and/or loss exposure.
Ø Stacking-prioritization by risk to facilitate workflow and leverage resources.
Ø Metrics-ready access to performance and productivity metrics
Pricing Structure
Ø Priced by Project
Effective risk management today requires a new approach and different strategies— not just back fitting data based on historical data.
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Senior Managers:
Experience has taught us to evaluate the cost of being wrong. Click here to view the senior managers for ICAP MS who have over 20+ years of experience.
Managers |
Core Experts |
Highlights |
Stephen Golden
CEO
Randall Deschenes
President
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Strategic Development & Risk Management
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Stephen and Randy have successfully managed risk for large depositories and trading houses for over 20 years covering all aspects of mortgages including warehouse lending, originations, servicing, capital markets, QC and claims. As partners they built a warehouse funding operation that was purchased by a Wall Street Broker and contributed over $600 million to the bottom line through the warehouse and other initiatives.
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David Hamilton
COO
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Execution & Operations
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David's management experience spans originations, servicing, systems and analytics including extensive work with sub performing mortgages. He has directed the development and implementation of new platforms for due-diligence, trading support, conduit operations, whole loan pricing, loss mitigation, claims, reporting and analytics.
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Kirk Poehlman
SVP, Sales
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Client Services
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Kirk brings over 25 years experience in mortgages working with clients to leverage tools and resources in the areas of credit, flood, valuations, fraud detection and fraud insurance. His expertise and experience in product development adds value to both ICAP and to our clients.
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Tim Ervin
SVP, Fraud
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Fraud Investigation
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Tim is an expert in the field of mortgage fraud and has over 20 years experience conducting fraud reviews, investigations and training throughout the United States for major lenders and the GSEs. Tim has provided mortgage fraud training to various organizations and is a speaker at industry conferences.
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Janet Gonzales
SVP, QC
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Originations, Compliance & QC
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Janet has over 25 years experience in mortgage production including managing roles in underwriting, compliance and QC. She has also led design and development of new production platforms including the systems supporting operations.
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John O'Carroll
SVP, Technology
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Information Technology
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John has been responsible for the delivery of analytics and technology platforms for leading financial services companies with expertise in data warehousing, reporting solutions and systems integration. His additional experience in auto finance has helped bring new approaches to the evaluation and use of credit data.
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