Digital Risk Says All Is Well

Digital Risk Says All Is Well

Company fires back at news story

Sept. 29, 2014

By Mortgage Daily Staff

While recent coverage of Digital Risk LLC might have suggested otherwise, the company says all is well despite the upcoming departure of its two top executives.

Mortgage Daily published a wire service story Sunday indicating that the chief executive officer and the president of Digital Risk are leaving.

In addition to respectively being CEO and president, Peter Kassabov and Alex Santos are also the co-founders of the Maitland, Fla.-based company.

But a spokeswoman for Digital Risk took issue with other parts of the story.

Brandie Young explained that even though the story said Digital Risk is wrestling with an unexpected business downturn, it is in fact facing normal business fluctuations in the mortgage industry.

“It’s quite frustrating when such gross inaccuracies in reporting occur, as it tends create a bit of panic where none need exist,” Young said in a written statement.

She also noted that the fluctuations “have no correlation to Kassabov and Santos’ departure.”

Young suggested that it did not hand “out a new round of pink slips,” as written in the article. Instead, it filed a Worker Adjustment and Retraining Notification, which “warns that a job ‘could’ be terminated,” whereas “a pink slip is instant termination.”

She also took issue with the statement in the story that said the jobs will end on Nov. 19, clarifying that “the jobs may end Nov. 19.” Young called comments about how Kassabov, Santos and other investors are in line to receive an additional $27 million “speculation.”

Young clarified that out of 750 WARN notifications filed in February, the net layoff was 208.

The claim in the story that “The company lost a major client — J.P. Morgan Chase — earlier this year” is “absolutely untrue,” according to Young.

“The mortgage market is always in flux and malicious reporting doesn’t help,” Young stated. “In this case, Digital Risk is quite stable.

“While the company will miss Mr. Kassabov and Mr. Santos, the succession will be smooth, particularly with the third founder Jeffrey Taylor in place to ensure clients receive the best possible services and solutions.”

Reprinted by Digital Risk LLC with permission from Mortgage Daily
Copyright © 2014 Mortgage Daily

mphasis-dr

Digital Risk Signed Definitive Agreement to be Acquired by Mphasis

December 3, 2012

Digital Risk, the nation’s largest independent provider of mortgage risk, compliance and transaction management solutions, today announced it has entered into a definitive agreement to be acquired by global services provider, Mphasis, a Hewlett Packard (HP) company.  The acquisition provides Digital Risk a global footprint to accommodate clients’ global risk and compliance needs, access to U.S. facilities to further accelerate growth of U.S. operations and access to Mphasis’ technology and analytical centers of excellence.

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Digital Risk Pinpoints Redefault Attributes

October 22, 2012

 Analysis from 100,000 loan modifications identifies 32 discreet borrower behavior segments more reliable in predicting redefault than credit history

CHICAGO, ILDigital Risk, the nation’s largest provider of mortgage risk, compliance and transaction management solutions, today at the MBA Annual Convention released findings from the analysis of 100,000 loan modifications using the Veritas™ Borrower Segmentation Engine which models borrower behavior to predict the likelihood of redefault and provides the reasons why the event will occur. These findings validate borrower lifestyle and behavior modeling, which is becoming a standard metric in the modification and lending decision processes.

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Digital Risk Unveils Veritas

August 1, 2012

Company introduces Veritas – the only multi-dimensional mortgage analytic platform that models systemic and operational risk for insight superior to single scoring methodology

MAITLAND, FL – Digital Risk, the nation’s largest provider of mortgage risk, compliance and transaction management solutions, today revealed Veritas, a mortgage analytics platform built on a vast repository of specific borrower, property and local real estate market data which provides multi-dimensional insight into the many facets of risk. The result is the most reliable method for understanding risk at the root cause, whether systemic or operational.

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Digital Risk Adds Gary Manfredi to Executive Team

Former Fannie Mae Executive Brings a Holistic Mortgage Industry Perspective to His New Role as Executive Vice President, Client Solutions

Digital Risk, the nation’s largest provider of mortgage risk, compliance and transaction management solutions, today announced that Gary Manfredi has joined the company as executive vice president of Client Solutions. Manfredi brings unique end-to-end mortgage industry experience to Digital Risk. His strategic perspective will assist the company’s origination, GSE and secondary market customers in managing origination capacity while ensuring loan quality and mitigating repurchase risk.

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Digital Risk Named Top Financial Services Company

May 23, 2012

2012 SMART AwardsACG SMART Awards Recognize Central Florida Companies Making Outstanding Contributions to the Business Community

Digital Risk LLC, the nation’s largest provider of mortgage risk, compliance, and transaction management solutions, today announced it was awarded top financial services company at the ACG SMART Awards Ceremony. The awards were announced at a luncheon in Orlando on May 18, 2012, and are given to companies that bring value to Central Florida through outstanding accomplishments in culture, growth, business creativity, and economic contribution.

“As a company headquartered in the Orlando area, we are committed to the community and doing right by our employees and the citizens of Florida,” said Peter Kassabov, Digital Risk’s Chief Executive Officer. “The Association of Corporate Growth has a stellar reputation for bringing together middle-market, high-growth companies, and we are honored to be recognized by such an excellent organization.”

The Association for Corporate Growth® (ACG®)is a global community for middle market M&A dealmakers and business leaders focused on driving growth. The Orlando chapter connects growing businesses in Central Florida with local, national, and global capital markets to facilitate relationship building between these companies, capital sources, and professionals active in corporate finance.

“At ACG, our members are business professionals at the top of their game, and we are proud to recognize the best of the best with our annual SMART Awards,” said Melanie Fernandez, President of ACG Orlando. “Digital Risk’s impressive growth and ongoing commitment to creating Florida-based jobs, as well as attracting top talent to the area made the company a natural choice for the 2012 award in the financial services category.”

For more information on the ACG and the SMART Awards, visit www.acgorlando.org.

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Digital Risk Calls for Industry Standards Task Force

May 8, 2012

Transparency in Due Diligence Requirements and Standards will Bolster Confidence in Mortgage Industry Analytics and Underwriting Protocols

Digital Risk LLC, the nation’s largest provider of mortgage risk, compliance and transaction management solutions, today at the MBA National Secondary Market Conference called for the creation of a due diligence industry standard task force to develop standards and requirements in mortgage risk due diligence. The company calls for ratings agencies, due diligence firms, deal sponsors, originators and investors to come together and agree on standard practices to improve transparency and confidence in underwriting, fraud and regulatory compliance, particularly RESPA reform. Without such diligence standards, private capital will continue to ebb from the RMBS market, and furthermore, the industry may face additional government regulation.

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Digital Risk Chairman Provides Mortgage Industry Perspective to White House Business Council

March 22, 2012

Kassabov Says Key Corporate America Needs To Invest In And Train Employees

MAITLAND, FL — March 22, 2012 – Digital Risk, the nation’s leading and largest risk management and compliance solutions provider, reports that Peter Kassabov, the firm’s chairman and chief executive officer, provided commentary and insight to the White House Business Council in Washington D.C. earlier this week.

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Digital Risk to Add 1,000 US-based Jobs

Company to nearly double its staff and expand operations due to increasing demand for its risk management and compliance solutions

Maitland, FL – Digital Risk, the nation’s leading and largest risk management and compliance solutions provider, today announced plans to add more than 1,000 full-time US-based, professional, positions in 2012. Positions will include experienced underwriters, attorneys, processors, compliance experts and appraisers. By year-end 2012, the company will nearly double its headcount to 2,300. The company will reach maximum capacity at its Orlando and Jacksonville offices this spring and plans to establish several new facilities across the country to handle the anticipated growth. The growth is being driven by housing market dynamics and the regulatory environment.

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