Assurance, OnePipeline become partners.Assurance Partners Bank announced that it has partnered with OnePipeline Inc., a provider of third-party mortgage compliance technology, to provide mortgage services to consumers nationwide through independent insurance agents. Under the alliance, Assurance Partners Bank will serve as a preferred provider of mortgage products to independent insurance agents across the nation. Agents who will contract as part-time employees directly with OnePipeline, will have access to the firm's automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. compliance system, which features the automate To turn a set of manual steps into an operation that goes by itself. See automation. compliance engine. The technology applies a rules-based compliance workflow The automatic routing of documents to the users responsible for working on them. Workflow is concerned with providing the information required to support each step of the business cycle. that ensure Assurance Partners Bank agents legally satisfy all federal and state regulations governing gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. residential real estate mortgage lending. OnePipeline eliminates the need for an agent to obtain a mortgage broker license or hire a licensed broker. In addition, the upfront software, licensing, error and omissions insurance, and bond costs have been eliminated. Participating agents are actual employees of OnePipeline in the course of their first mortgage loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. duties and as such are covered under the company's error and omissions and worker's compensation in the course of their work. "Assurance Partners Bank has partnered with OnePipeline to enable independent insurance agents to originate o·rig·i·nate v. 1. To bring into being; create. 2. To come into being; start. mortgage loans and earn compensation for the origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real tasks performed without going through the hurdles of becoming a licensed mortgage broker," said Scott Poore, vice president of marketing and sales for the Bank. "When agents began expressing concerns over the costs and time commitments involved in becoming a licensed mortgage broker, we knew we needed to offer those agents an alternative," added Dave Fronek, the Bank's president. "This is a cooperative effort in the best tradition of the mutual insurance industry. Ultimately, we all win. The agents receive compensation for doing what they do best -- serving their policyholders -- and consumers now have the ability to work with their insurance advisors, someone whom they know and trust to obtain mortgage financing." |
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