Loan Origination Systems

Representative projects where we've provided specific advice and implementation of mortgage systems and software

Representative Project:

We assisted a federally regulated bank to assess its IT security and identified serious security issues throughout the bank. Through a combination of weak levels of user security awareness training and poor laptop configuration, a bank employee with a laptop inserted a malicious USB thumb-drive file, causing complete laptop compromise, which our ethical hacker used to obtain complete network compromise, including LOS application, customer data breach, and a gateway into other bank systems in a federally insured bank.

Representative Project:

Through our Mortgage AWACS process, we identified weaknesses in Loan Originator monitoring and hiring practices. Our client screened mortgage loan officers, but the traditional screening methods did not detect that two different loan officers were under federal indictment for mortgage and financial fraud from prior employment. These employees continued to work at a mortgage branch office and had access to LOS systems, credit reporting, and financial records of customers at a federally insured bank.

Representative Project:

Teraverde performed a risk assessment on mortgage lending. Weak internal security controls left systems vulnerable to attack and lateral movement across the network. A mortgage branch manager was granted administrative “superuser” access as a substitute for a properly configured LOS persona. Loan officers of record were changed, permitting unregistered loan officers access to the system, some of which were not current employees. Under the table cash payments for commissions, NMLS exceptions, and complete breach of the bank’s Information Security policy occurred occurred in a federally insured bank.

Representative Project:

An independent mortgage banker with $2.5 billion in originations hired Teraverde to create a new, turnkey mortgage banking platform. Teraverde provided business process design, system specification and project planning, author scorecards, accounting ledger interface and overall managerial control system for the client.

Representative Project:

An $8 billion commercial bank engaged Teraverde to revise its existing mortgage banking process from initial customer contact through servicing and securitization. We re-engineered the Bank's processes and IT systems to improve profit, improve compliance, reduce errors and repurchase risk.

Representative Project:

A $50+ billion federally chartered bank chose Teraverde to redesign the entire consumer credit underwriting process and adverse action notification system to reduce regulatory compliance exceptions and fair lending issues.

Representative Project:

A $2.5 billion OCC regulated bank engaged us to review and-mitigate residential underwriting and servicing issues on first mortgages and HELOCS to avoid enforcement proceedings.