Dateline: Carlsbad, California (CARLSBAD, Calif.) | Thu, 19 Sep 2013
freeNewsArticles Story Summary: “Mortgage compliance services provider The Compliance Group, Inc. announces third party services management, including management of appraisal management companies (AMCs) for mortgage bankers, and the mortgage lending operations of community banks and credit unions.”
ARTICLE:
Mortgage compliance services provider The Compliance Group, Inc. announces third party services management, including management of appraisal management companies (AMCs) for mortgage bankers, and the mortgage lending operations of community banks and credit unions.
Under CFPB enforcement, mortgage lenders must be able to demonstrate that their third party service providers, including but not limited to title companies, escrow companies, QC providers, sub-servicers and AMCs are compliant with applicable regulations. Mortgage lenders are developing their 2014 compliance strategies and budgets with an eye for cost effectively managing their responsibility for monitoring third party service provider and vendor compliance.
“Mortgage lenders rely on third-party service providers for mission critical expertise, which is precisely why the CFPB wants to hold lenders responsible for verifying service providers’ capabilities,” said Annemaria Allen, founder and president of The Compliance Group. “We have been closely monitoring the CFPB’s posture toward third-party service providers and are helping lenders comply.”
Earlier this month at the Mortgage Bankers Association’s Risk Management and Quality Assurance Forum 2013 in Phoenix, Arizona, Deputy Comptroller for Credit and Market Risk Darrin Benhart cited “weak governance” of appraisal and evaluation processes ranging from “concerns about the qualifications of the personnel” to “a lack of audit, quality control, or internal control functions to assure the appropriate performance of the program.” Further, he said the OCC “sometimes found little oversight of appraisal management companies” noting that “effective oversight was missing especially when the function was outsourced.” ( http://goo.gl/FDQaPf )
“Right now, the shortcomings in AMC oversight and the need for better internal appraisal evaluation processes are in focus, so it is prudent for lenders to respond proactively to regulatory concerns,” Allen said.
About The Compliance Group:
The Compliance Group (TCG) is a leading nationwide financial services risk management organization focused solely on its clients’ compliance success ( www.TheComplianceGroup.net ). TCG has helped hundreds of financial institutions mitigate risk and losses with its proprietary, patent-pending technology and its core business solutions of Compliance, Quality Control and Licensing. Founded by Annemaria Allen in 2000, TCG has built upon her deeply experienced understanding of compliance and risk management to bring peace of mind to the financial services industry.
TCG’s LicenseTracker(R) ( www.LicenseTracker.net ), is a patent pending, web-based application, to help mortgage businesses, branches, and loan originators maintain and track required state and federal agency licensing deadlines and continuing education requirements.
TCG technology is complemented by its experts’ keen attention to delivering results the right way – with integrity, quality, transparency, reliability and customer care. Its appreciation for relationship building allows TCG to assist its clients in understanding the complexity of compliance, developing their strengths in areas of risk while turning compliance and quality control into a profitability strategy.
###
Copyright © 2013 by The Compliance Group, Inc. and Send2Press® Newswire, a service of Neotrope® – all rights reserved. Information believed accurate but not guaranteed. Sourced on: freeNewsArticles.com.
• Web Image (72dpi): https://www.send2press.com/mediaboom/13-0730-annemaria_400x300.jpg
• Media Contact Information: https://www.send2press.com/mediadrome/2013-09-0919-001.txt
• Story Title: The Compliance Group Offers 3rd Party Services Management including AMC for Mortgage Bankers, Community Banks and Credit Unions
• REFERENCE KEYWORDS/TERMS: Annemaria Allen, Carlsbad, California, mortgage compliance services, Banking and Finance, Computing, Finance, CARLSBAD, Calif..
IMPORTANT NOTICE: some content which is considered “old” or “archival” may reference an event which has already occurred; some content possibly considered “advertorial” may also reference a promotion or time-limited/sensitive offering, and in all of these instances certain material may no longer be valid. For notably stale content, you should directly contact the company/person mentioned in the text (The Compliance Group, Inc.); this site cannot assist you with information about products/services mentioned in the news article, nor handle any complaints or other issues related to any person/company mentioned or promoted in the above text. Information believed accurate but not guaranteed as of original date of story [Thu, 19 Sep 2013 09:00:01 GMT].
USE THIS CONTENT FOR FREE: To use this content in your newspaper, broadcast outlet, news portal, blog/ezine or similar, free of cost, CLICK HERE to learn how.
NEWS SOURCE: The Compliance Group, Inc. :: This press release was issued on behalf of the news source (who is solely responsible for its accuracy) by Send2Press® Newswire, a service of Neotrope®.