2008-09-25 17:24:07 -
- Linhart Public Relations Will Shanley, 303-951-2563 wshanley@linhartpr.com Russ Rizzo, 303-951-2561 rrizzo@linhartpr.com Mortgage veterans Sue Allon and Daniel Gallery today announced the formation of Allon Financial, a new type of mortgage due diligence provider focused on helping clients understand, manage and reduce risk, and improve returns through highly informed whole loan trade and bond buying decisions. The company will be
based in Denver, Colo.
Allon Financial will deliver a variety of analytical, advisory and consulting services to clients including hedge funds, mutual funds, private investors, government agencies, ratings agencies and mortgage originators and service providers. The primary business line is due diligence, with specialties in seasoned performing and non-performing loan reviews and quality control for agency delivery.
Allon also said her company has acquired Edison Mortgage Decisioning Solutions, a leading provider of due diligence and data and analytics reporting. Edison's assets, including its staff of experienced mortgage analysts and its proprietary due diligence technology, will become part of Allon Financial's service delivery model.
"The events of the past year have shown the catastrophic consequences of a fundamentally flawed mortgage due diligence model, which must be re-invented to bring back confidence and liquidity to the market," Allon said. "Due diligence must evolve from a report to support a loan purchaser's pricing decision to a disclosure document on which investors and others can rely. It's time for due diligence to become a high value-added, insight-driven assessment of risk, rather than a superficial report on loan file contents."
Allon, who will serve as chief executive of Allon Financial, founded The Murrayhill Company, a premier third-party credit risk management firm, during the mid 1990s. Gallery, another Murrayhill veteran, will serve as Allon Financial's president.
Allon Financial's mortgage analysts will take an auditor's approach to due diligence, using an industry-leading technology platform formerly known as "ICE," or Integrated Credit Engine, acquired from Edison. The web-based system automates the data download function, employs risk-filtering technology, minimizes the potential for data duplication and error, and permits loan buyers real-time access to view the data throughout the transaction.
"Getting the mortgage market moving again will require a level of expert care in planning and executing due diligence assignments that hasn't existed before now," Gallery said. "Our approach will be a departure from the past, and it's a necessary departure. Investors must demand analytical expertise, independence and value-added insights, along with a disciplined process that leverages technology to deliver more efficiently. All of this adds up to value, and that's what we intend to deliver."
ABOUT ALLON FINANCIAL
Allon Financial (www.allonfinancial.com), based in Denver, is a leading financial services firm that provides transparent, efficient and analytical mortgage due diligence information to help clients understand, manage and reduce risk through informed loan and bond buying decisions. Founded in 2008, Allon Financial brings more than 50 years of industry experience and currently offers due diligence services, data and analytics reporting, and consulting to clients including hedge funds, mutual funds, private investors, government agencies, ratings agencies and mortgage originators and service providers. Allon Financial intends to enter into markets for related mortgage services in the near future.
Allon Financial may be contacted at 303.567.6498 or
dgallery@allonfinancial.com
ΒΆ New Venture Blends Deep Industry Experience and an Analytical
Approach Powered by Cutting-Edge Technology, Aiming to Return
Confidence to Mortgage Markets
