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OpusFirst™ Overview
OpusFirst™ is the name of our proprietary Due Diligence
engine. Opus’ many skilled mortgage professionals, in
conjunction with our talented Information Technology
staff, spend countless hours developing and enhancing
OpusFirst™ with our clients’ needs in mind. The system
is designed with built-in flexibility to add
client-specific requirements as part of any review
process. Indeed, the first step in any Opus
International review is for us to understand our
client’s needs and translate them into reviewable data.
For example, we will edit loans – in aggregate or
individually – against the specific terms of a purchase
contract. OpusFirst™ then enables complete and accurate
data capture, and the system provides customizable
real-time reporting to give you insight into the status
of a review in progress. Besides ensuring accurate
compliance results, the OpusFirst™ system provides
secure data delivery to your desktop. That’s our
OpusFirst™ system: versatile, flexible, and dynamic.
Credit
Credit analysis begins with good
data, and our OpusFirst™ system was engineered with
logic to assist our reviewers in ensuring data accuracy
and completeness. The automated rules in OpusFirst™ can
be tailored to your request, with exceptions recorded
for nearly any condition in which you are interested.
Every high risk credit event is reviewed by our project
lead or transaction manager. Quality assurance is also
performed on loans with lower levels of risk to ensure
that no potential problem goes unidentified. Loans can
be given credit risk scores based on customizable credit
rules, or more holistically at our underwriters’
discretion.
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Reporting
One of the greatest strengths of the OpusFirst™ system
is its reporting capabilities. Designed for
adaptability, OpusFirst™ enables detailed information to
be dispensed to you as requested. Many reports are
customizable to your specific needs. OpusFirst™ enables
our clients to see the results of reviews currently
under way, which can be useful if an early indication
regarding a transaction is needed, or to wait until the
final reports are issued.
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Compliance
The OpusFirst™ compliance engine integrates all federal,
state and local compliance tests, including:
Disclosure, Affordability, and Predatory Lending
Thresholds
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IDD, KFI, Tariff of Charges and other required MCOB
documentation (UK)
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TILA, HUD-1 and other Federal transaction disclosure
requirements (US)
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APR, Finance Charge Tolerances
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Right of Rescission Verification
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Affordability Tests
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Compliance Document Reviews
FSA Records
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Verification of FSA records (UK)
Fannie Mae Requirements
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Every loan reviewed with OpusFirst™ receives a complete
compliance QC, including HUD-1 points and fees
re-verification.
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Data
Security
Information security is a top priority for Opus
International. Technological and procedural safeguards
are in place, ensuring maximum privacy and security
requirements.
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Secure Sockets Layer (SSL) Certificates (provided by
VeriSign, Inc.) data encryption
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128 bit encryption
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VPN Firewall Protection
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One way password encryption
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Scheduled security assignment audits
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Email encryption
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