Tulp Hypotheken implements Mortgage Control Framework Fortrum

Tulp Hypotheken today announced that it is the first lender in the Dutch mortgage market to implement the Mortgage Control Framework operated by independent due diligence specialists, Fortrum, for both the origination and servicing of its mortgage portfolios.

The Framework, which is unique in this market, entails continuous, rigorous independent oversight of a lender’s origination and servicing practices through ongoing reviews of individual loan files and of practices and procedures to ensure full compliance with all policies, codes and market standards.

“Our first priority is always to our customers” says Tulp co-founder, Paul Wessels. “While we are confident that our processes and procedures are aimed at providing the highest level of customer care and adherence to codes of conduct, we believe that the expert, independent review provided by Fortrum will ensure that any shortcomings are quickly identified and improvements implemented. We will never be complacent when it comes to our customer care.”

“Another key benefit of Fortrum’s framework,” states Tulp co-founder, Pierre de Vos, “is the reassurance it will provide to our investors. The level of independent oversight which we are imposing on ourselves, not just as regards initial underwriting but, uniquely in this market, on the ongoing servicing of our mortgage portfolios, will ensure that our controls over compliance and risk management are robust, effective and transparent.”

“We are delighted that Tulp has taken this step to be the first to implement our Mortgage Control Framework and we are excited to be working with them”, says Fortrum’s Director Michel van der Sluis.

The framework, which was developed by Fortrum’s directors drawing on their multiple years of experience at senior levels in the Dutch mortgage market, combines detailed analysis of individual loans with ongoing review of policies, procedures, governance and controls.

“Unlike other independent firms, we have an AFM License and our reviewers have the WFT mortgage certificate and come from careers in underwriting and servicing Dutch mortgages.” says Jaap van Raak, Director of Fortrum. “This ensures that, not only is their review rigorous and detailed, but their feedback to the lender is clear, constructive and aimed at continuous improvement.”

For more details on Tulp Hypotheken contact Paul Wessels (paul@tulphypotheken.nl) or Pierre de Vos (pierre@tulphypotheken.nl)

For more details on Fortrum’s Mortgage Control Framework and other services, contact Jaap van Raak (jaap@fortrum.com), Michel van der Sluis michel@fortrum.com) in the Netherlands or Simon Collingridge (simon@fortrum.com) in the UK.