NEW YORK CITY-Industry groups are calling on federal regulators,ratings agencies, deal sponsors, originators and investors to comeup with a uniform set of standards to increase transparency inunderwriting, fraud and regulatory compliance throughout the realestate industry, said Digital Risk LLC, a providerof mortgage risk solutions at the Mortgage BankersAssociation National Secondary Market Conference inMidtown Manhattan on May 8.

The firm, which provides compliance and transaction managementservices to both the residential and commercial real estateindustry, is working to build a consortium of mortgageprofessionals who can create guidelines that include actionable andreliable methodologies, as well as reforms to the federal RealEstate Settlement Procedures Act, or RESPA, under the US Department of Housing andUrban Development.

Alex Santos, company president and managingdirector, says in an e-mail to GlobeSt.com several due diligenceprocedures – such as re-verifying income searching for undisclosedliabilities – are standards that should be established in order todetect the underwriting mistakes of the past.