Key Benefits
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Easy to use secure web site
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Streamlines the review process
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Single view of all licenses in all 50 states
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Easy branch office identification
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Monitor broker data changes
RegsData focuses solely on helping our clients and partners mitigate compliance risk around mortgage broker and lender licensing.
The State Verification and Alert Repository (SVAR™) is a proprietary aggregation and archive of licensing information for all non-depository 1st and 2nd mortgage brokers and lenders. SVAR™ centrally stores data from, and allows the proactive monitoring of, license information from the forty nine states that require some type of license to originate loans within that state.
SVAR™ continuously gathers data from each state and, together with a rigorous process of data verification and validation, is able to offer accurate and timely information about license status and validity. Whether through direct browser-based queries, batch XML file delivery, or customized real-time automation, our commitment is to provide the information and insight required for mortgage compliance.
Now you can quickly and concisely verify compliance of Third-Party Originator state license requirements with more frequency and accuracy, without going through the laborious and costly process currently required. Information is provided at a reasonable monthly access fee, with no per-click charges, no per-seat charges and no limitations on the number of searches.
Some of the benefits of using SVAR™ are:
Users can immediately determine the license status of new Third-Party Originators (and verify the license information provided in the "broker package" is complete and accurate);
Users are able to search across all jurisdictions and license types at once rather than check each state's web site individually;
Many Third-Party Originators have multiple branch offices. With SVAR™, users can filter their searches and quickly assign the correct license to the proper branch.
During the license renewal cycle, Approval Departments must verify thousands of licenses and must often resort to searching through clumsy PDF files or scroll through multiple sources of information. The information in SVAR™ is always up-to-date, enabling a single, simple solution to the renewal verification process.
RegsData provides continuous monitoring services of Third-Party Originators and is able to integrate SVAR™ with a Lender's Originator database. Some of the benefits of the monitoring service are:
An increase by at least 50 to 250 times a year of the number of occurrences a Lender checks that a Third-Party Originator is in compliance with state licensing requirements. The risk of accepting business from an unlicensed broker is reduced to near zero;
To provide valuable proof for internal and/or external compliance audits, RegsData provides a quarterly Audit and Review Summary, showing each time every license was checked;
SVAR™ is automatic and self-correcting, dramatically reducing the risk of human error;
Lenders realize cost reductions as an Approval Department no longer needs to spend valuable resources updating license records, a particularly burdensome task during renewal periods.
