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risk management

Next on the Regulatory Chopping Block ... Small- to Mid-Sized Lenders


While we’re all accustomed to news that the big four banks (JPMorgan Chase, Citibank, Wells Fargo and Bank of America) getting into hot water over shady mortgage practices, get ready for a new trend—small- to mid-sized banks being targeted for the same concerns. Recently, a Wall Street Journal article cited the Justice Department, in tandem with the U.S. Department of Housing & Urban Development (HUD) beginning investigations into smaller banks like SunTrust, Fifth Third Bancorp and Capital One.Click to continue

Enterprise Risk Management: What's in Your MROM?


Increasing regulatory pressures on banks and lenders to adopt greater risk management systems and processes are aimed at establishing a more uniform approach to quality control (QC) industry-wide. At the same time, these pressures seek to protect consumers from the type of non-managed business decisions that were at the root of the financial industry collapse several years ago.Click to continue

NAMB Names Brokers Compliance Group Exclusive Compliance Provider


Brokers Compliance Group (BCG) has been selected as an Exclusive Compliance Provider by NAMB+ of NAMB—The Association of Mortgage Professionals. BCG is a pioneer in providing comprehensive, outsourced, risk management services to independent mortgage professionals. Compliance support includes regulatory guidance, all policies and procedures, training, and an array of compliance services.Click to continue

New Secure Settlements Offerings to Help Mortgage Lenders Increase Consumer Protection


Secure Settlements Inc. has announced that it has launched two new lender-subscription fraud tool programs assisting in the evaluation, monitoring and reporting of closing agent risk. Closing Guard is the result of the continuing evolution of the SSI risk management program, designed to help lenders uncover and reduce fraud risks while simultaneously providing better consumer protections surrounding the residential mortgage closing.Click to continue

United States Appraisals Partners With Collateral Risk Network


United States Appraisals has announced that it has joined the Collateral Risk Network (CRN). Composed of chief appraisers, collateral risk managers, regulators and valuation experts, CRN is focused on resolving the risk and compliance challenges facing the collateral risk profession. With over 400 members represented by leading AMCs, lending institutions, Wall Street, Fannie Mae, Freddie Mac, The Veteran’s Administration, the Federal Housing Administration and appraisers, CRN engages all stakeholders in open dialogue to find solutions to industry issues.Click to continue

Secure Settlements Inc. Seeks to Combat Fraud at the Closing Table With Newest Release


Secure Settlements Inc. (SSI) has launched its “Know Your Agent” program which enhances the company's closing agent vetting and risk management service for lenders. Under this program, SSI has been issuing full color ID cards to vetted closing professionals. The ID cards, which are intended to be worn as identification at mortgage closings nationwide, will fulfill several important fraud deterrent goals. The first is to clearly identify to all parties at the closing table, particularly consumers, the identity of the agent handling the mortgage proceeds and documents.Click to continue

Former TARP Compliance Head Ben Purser Joins Vericrest as Chief Risk Officer


Vericrest Financial Inc. has announced that it has appointed Ben Purser as Chief Risk Officer. Purser brings 26 years of experience in financial services to Vericrest, with a focus on risk management, audit, compliance and governance. In his new role, he will be responsible for all risk management efforts, including determination of risk tolerances, and will focus on operational risk practices, compliance with all state and federal agency requirements, as well as measuring and monitoring risk in Vericrest’s portfolios.Click to continue

Former Connecticut Banking Department Deputy Commissioner Alan J. Cicchetti Joins Lenders Compliance Group

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Lenders Compliance Group has appointed Alan J. Cicchetti, former Deputy Commissioner of the Connecticut Banking Department, to be its director of agency relations of Lenders Compliance Group, as well as the executive director of Brokers Compliance Group, its new mortgage compliance firm that provides compliance support to mortgage brokers.Click to continue

Regulatory Compliance Review: The Rules of Operational Risk

Cherry Red Gavel/Credit: Comstock

Recently, I spoke with several clients who had attended mortgage industry conferences. Each one of them pointed out the very same fact: Operational risk and regulatory compliance are the most prominent subjects being discussed. Thinking of learning more about new loan products and services when they first attended the conferences, they nevertheless left these conferences wondering about how they would ever be able to implement all the regulatory requirements being placed on them.Click to continue