OUR SERVICES

Outsourcing/Professional Staffing

BlackFire can deliver temporary or long-term staffing solutions to support business fluctuations or special projects at originators, servicers, investors and insurers. Our highly experienced mortgage professional provide your firm with a skilled, professional, cost-effective staffing solution. We work to understand your needs and goals to ensure the best profession is placed in your organization.

Overall, our staffing solution will provide you with:
A stable workforce during business fluctuations
Cost-effective labor
Higher productivity

Residential Mortgage Loan Due Diligence

Since our founding, Residential Mortgage Loan Due Diligence has been our core service offering. Our clients have included commercial banks, insurance companies, and investment banks. To date, we have reviewed nearly 27,000 loans.

At BlackFire, we provide a thorough, comprehensive review that ensures loans were underwritten correctly and highlight all areas of risk for an investor. Our full loan file review includes:
Credit review / re-underwriting
Regulatory compliance review
Predatory lending review
Fannie Mae compliance review
Fraud review
Legal document review
Data integrity review

BlackFire's services help our clients make better decisions on pricing portfolios and understanding and managing risk. As each client's requirements and expectations are different, we consult with you to customize the scope of each review to meet your goals.
Both during and after the review, BlackFire will provide comprehensive loan-level and pool-level reporting so you can easily monitor our progress, identify issues, and take action, if necessary. We can build reports specifically tailored to your needs. Our standard reports include:

Pool Summary Report - A report detailing the overall characteristics of the loan package and status of our review findings.

Asset Summary Report - A concise loan-level report detailing the major characteristics and listing the credit and compliance defects, if any, of each loan.

Data Comparison Report - A report detailing the difference between the data provided by the originator or the seller and the data collected during our review.

The Underwriting Team is an experienced group of underwriters trained on BlackFire's proprietary review system to efficiently analyze each package to your specifications. Besides having a strong background in the industry, each underwriter must also pass a rigorous exam in order to be employed by BlackFire.

Each due diligence team is staffed by a Lead Underwriter, one or more Quality Control Underwriters, and an appropriately sized Underwriting Team. The Lead Underwriter has the highest level of expertise and manages the entire due diligence process. We also staff one Quality Control Underwriter for every three underwriters. The Quality Control Underwriter performs random checks throughout the process to ensure the accuracy and quality of your file review.

BlackFire's review services can be performed at a seller or buyer's offices, a designated third-party site, or at our facility in Irvine, California.
If you are not interested in in our complete Due Diligence package, BlackFire can offer any of our services as ala cart.  

Forensic Reviews/Repurchases

Review for Contractual Breach
Not all mortgage loans perform as expected, and we can clarify why. At BlackFire, we have a seasoned and skilled forensic review team that can conduct a Forensic Audit and Contractual Terms ("FACT") Review for any under-performing or non-performing mortgage loan. Each FACT Review includes a thorough review of the following:

Credit review / re-underwriting
Regulatory compliance review
Appraisal / value
Pay history and collection comments
Fraud review
Data integrity
Loan sale and/or purchase agreement

The results of our FACT Review present a clear, unbiased picture of each loan, which we will then compare against the contractual terms. If there is a legitimate and material breach of the representations and warranties, we will supply the reason(s) for repurchase and, if needed, generate claim letters, negotiate recoveries, and manage the entire process to closure on your behalf.

Defend Repurchase Claims

Good loans can still go into default, and you should not have to support a loan's performance beyond your contractual obligations. BlackFire can utilize our FACT Review to identify and defend against frivolous repurchase claims. We can also provide you with a clear and concise rebuttal and, if necessary, handle the defense on your behalf.

Negotiate Repurchases or Settlements

If you are short-staffed or need some transactional assistance, BlackFire has a dedicated, experienced transactional services team that can review your inbound or outbound repurchase claims, provide a realistic assessment of the claims and help you negotiate a settlement. We free you from the potential of protracted legal battles and allow you to move forward

Origination

Through our facility in Irvine or at a client-specific site, BlackFire can facilitate your backoffice fulfillment center needs. We will underwrite every loan, either pre-close or post-closing, to your specific guidelines. Depending on your needs, we can process, underwrite and close the loan on your behalf. Additionally, we will manage the document process to ensure you a complete credit and legal file.
Loan Fulfillment
Loan Processing
Regulatory Compliance Review
Post Closing Services
Quality Control