SAN MARCOS, Calif. /eNewsChannels/ — Leading mortgage compliance services provider, The Compliance Group, Inc. (TCG), is offering mortgage servicers its expert compliance and risk services, including regulatory audit preparation, Servicing QC, enterprise risk management (ERM) QC and servicing risk management.
TCG’s suite of servicer risk solutions is built upon the firm’s deep industry roots and its long-held reputation as a mortgage compliance expert focused on quality control (QC) and risk management methodologies since 2000. TCG’s founder and president, Annemaria Allen, a career mortgage QC and compliance expert for more than two decades, has assembled a compliance services leadership team comprising centuries of practical experience.
“According to the servicers we talk with, the most active players on the ground are the GSEs and HUD, which are the Goliaths,” Allen said. “There are also indications that CFPB audit inquiries are accelerating.”
Servicers’ primary concern today needs to be preparing for audits or other action taken by the GSEs, HUD and, more recently, the CFPB. Audit preparation is personnel-intensive work that few servicers are correctly staffed to undertake, and is a process that can be mangled by applying retrofitted outsource technology.
“TCG emphasizes the importance of the human element in dealing with the nuances of evolving mortgage servicer regulations, in part due to their newness,” Allen said. “Although many standard GSE and HUD servicing best practices have been in existence for quite a long time, they are being brought to light in a more aggressive manner and with more ominous consequences.”
TCG’s mortgage servicing compliance and risk methodology is characterized by a “mock audit” exercise that maps and evaluates servicers’ processes and protocols with an eye both for failures to comply and failures to follow existing QC policies.
“Many servicers lack resources to monitor internal audit procedures,” Allen said. “That’s why it is critical for servicers to know who their ‘go-to’ resource is going to be in the event of an audit, and why prudent servicers are getting the ball rolling before the knock on their door.”
About The Compliance Group:
The Compliance Group (TCG) – www.TheComplianceGroup.net – is a leading nationwide financial services risk management organization focused solely on its clients’ compliance success. TCG has helped hundreds of financial institutions mitigate risk and losses with its proprietary, patent-pending technology and its core business solutions of Quality Control, and Compliance 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. The Compliance Group supports lenders’ most critical origination compliance challenges including: RESPA, TILA, ECOA, privacy, HOEPA, HMDA, multi-state requirements, procedural checklist creation, policy and procedure writing and staff training.
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.
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