COMPLIANCE SERVICES
- Policy and procedure manual reviews and updates. The States and the Agency’s prefer that these are reviewed at least annually and updated as changes occur.
NOTE: Don’t forget AI!
Agency audit assistance from start to finish:
- As noted in the State Examination section above, these audits can be time consuming and may seem overwhelming when the notice is received.
- Steps similar to the aforementioned section are addressed and completed in the agency audits, as well.
- CFPB portal maintenance. Sometimes a lending hand to check the portal weekly while in-house compliance does what it is great at, is helpful.
- Consumer complaint assistance. Consumer complaints need to be handled timely, consistently, and efficiently. The origins can be from any of the following and more:
Consumer complaint assistance. Consumer complaints need to be handled timely, consistently, and efficiently. The origins can be from any of the following and more:
- State level.
- CFPB Level.
- Agency level.
- Better Business Bureau level and more.
- Legislative analysis for changing laws in the states in which you are licensed. Changes happen very frequently on the state level. NOTE: With the CFPB currently undergoing leadership changes and now that its efforts are on pause, the states are likely to become more active in their enforcement roles.
Process review for time efficiency:
- This can also include Human Resources and Sales onboarding and offboarding for Mortgage Loan Originators and branches.
- A look under the hood to see where the company can save time and money throughout the steps of the loan process.
State examination assistance from start to finish:
- Review of state examination notification and assessment of what documentation will need to be reviewed and eventually submitted.
- Point of Contact for your examinations with the regulators and examiners, as well as your internal management teams. Proper, civil and pleasant communication is key!
- Identify when/if counsel will be beneficial at any time during the review and examination for the company’s protection.
- With her impressive organizational skills, she will organize your documents after a through review prior to submission. Any edits will be done prior to submission with the client’s approval.
- Continue to act as the POC once the examination documentation ahs been submitted all the way to examination report, rebuttal and final report.
- Assist with any corrective actions that may need to be addressed and implemented post-examination. This includes updating the policies and procedures to reflect any needed revisions to reflect same.