Maitland City Talk

You may have seen news items in the paper or on television highlighting one of our city’s fast-growing companies. That company is Digital Risk and it employs nearly 1,500 people, some 800 of whom are your Central Florida friends and neighbors. But what exactly is Digital Risk and what do they do?

Digital Risk calls itself the largest independent provider of risk, compliance and transaction management solutions for the complex and dynamic financial services market. More specifically, Digital Risk embraces a stated mission to “Make Mortgages Safe” for both lenders and homeowners through a blending of data, analytics, people and processes.

As with many successful companies, Digital Risk found opportunity in the face of adversity. During the mortgage meltdown, record numbers of foreclosures shook the industry. Many mortgages originated and sold prior to this time contained errors that increased their riskiness and led to a tidal wave of default. The industry as a whole also stood paralyzed against originating new loans until the lenders could safely underwrite mortgages again. Between a crippling past and a stalled present, the industry was at a crossroads. That’s when three Central Florida entrepreneurs stepped in.

The leadership team of Peter Kassabov, Jeffrey Taylor and Alex Santos recognized the industry’s dire need for independent risk management and Digital Risk was born. Since 2005, Digital Risk has provided clients such as servicers, originators, correspondents, investors and insurers with a comprehensive loan quality control package that includes origination, fulfillment, fraud detection, collateral risk, compliance review and customized forensic auditing. The goal, in essence, is to provide lenders the confidence they need to lend money, and investors the assurance they need to trust that the mortgages they are buying are safely protected from risk.

Before I mentioned data, analytics, people and processes, and those elements are the key to how Digital Risk performs these tasks, examining closed loans for errors and originating safer loans for clients. The individual talents of Digital Risk’s seasoned workforce are amplified by the company’s proprietary technology and advanced analytics performed using the Making Mortgages Safe™ solutions suite. These proprietary platforms are the result of the analysis of more than $100 billion in mortgage loans, achieving the largest experience set in the industry. A patent pending process allows Digital Risk to continuously enhance its Making Mortgages Safe™ solutions suite for its clients as it on-boards and analyzes more than 73 billion data elements.

However, technology cannot replace the human finesse required to make any final recommendations for its clients, and that’s where those 1,500 team members enter the picture. Enabled by Digital Risk’s analytical platform, highly skilled teams meticulously review all data to ensure quality. These client-dedicated teams operate out of the Maitland headquarters, as well as offices in New York, Dallas, Denver, Jacksonville and Boca Raton.

The following statistics attest to the company’s rapid growth. Over the last 12 months alone, Digital Risk has touched one out of every 10 of all delinquent loans and nearly 30 percent of all performing and non-performing loans nationwide, and helped prevent billions in potential losses on residential and commercial mortgage loans. One gratifying piece of the puzzle is the role Digital Risk plays in keeping distressed homeowners in their homes. The results of their efforts in working loan modification backlogs for their lender-clients can be felt here in Central Florida and across the country.

Most impressive, however, is Digital Risk’s team, large and growing even larger. CEO Peter Kassabov said the company plans to add 1,000 long-term career opportunities, not just jobs. The city of Maitland has worked with Digital Risk and Gov. Rick Scott to ensure the company is motivated to expand their Maitland presence.

Of particular note about these positions is their highly skilled nature, requiring a per-person training investment by Digital Risk of about $10,000. These credential-building training programs better prepare Maitland and Central Florida residents for advanced careers like those attainable at Digital Risk.

You’ll probably hear more about Digital Risk in the future, especially when their expansion plans come to full fruition. Who knows? You might be one of the next 1,000 team members brought on board.

— Digital Risk Marketing/Communications Department

City Council Agenda of Aug. 13

City Council meets the second and fourth Monday of the month at 6:30 p.m. The next meeting is scheduled for Aug. 13 in the Council Chambers, 1776 Independence Lane. Below is the agenda for that meeting.

Special Presentations

• Employee of the Quarter

• Atlantic Housing Project

• Independence Lane Utilities Extension – Engineering

• Art for new City Hall – Andrea Bailey Cox, A&H Maitland, and John Cunningham, ACi

Public Hearings

• Appeal of the DRC Decision for 2450 Maitland Center Parkway

• Ordinance - Petition No. 2012-01 (AZ) Lakes of Maitland Condominium Association Inc. - Zoning (Text) Amendment

• Ordinance – Police & Fire Pension Trust Fund Board

Consent Agenda

• Approve Council Minutes of July 9 and July 23

• Approve Budget Workshop Minutes of July 17

• Receive Parks & Recreation Advisory Board Minutes of May 6 and June 6

• Use of Contingency for Legal Expense

• Funding Space Needs

• Contract – National Historic Landmark Nomination Services

• Arapaho Trail Change Order

• Contract - Burgess & Niple - Engineering Analysis

Decision Items:

• Approval Master Consultant Contract with Atkins North America, Inc. (Old PBS&J)

• Create Police & Fire Pension Review Committee

For updates, visit itsmymaitland.com