New association formed for residential mortgage compliance professionals
Jonathan Foxx, president and managing director of Lenders Compliance Group, has announced the official launch of the Association of Residential Mortgage Compliance Professionals (ARMCP), a national organization devoted exclusively to residential mortgage compliance professionals. ARMCP is a 501(c)(6) and a DE Not-for-Profit. It is the first and only national organization in the United States formed to offer discussion panels, educational forums, lectures, regulatory FAQs, advocacy, and other venues exclusively for residential mortgage compliance professionals. Regular Members must be industry participants who have an actual practice or institutional responsibilities involving residential mortgage compliance. Membership is free at this time. “In these demanding times, the mortgage loan origination industry needs competent compliance guidance and expertise in managing the labyrinth of regulatory rules and requirements,” said Foxx, whose mortgage risk management firm is sponsoring the founding of the association. “But until now there has been no single organization that responds to the unique interests and specific needs of compliance professionals, giving them the ways and means to review residential mortgage compliance issues among one another.” ARMCP will offer discussion groups, educational forums, panels, lectures, and other venues for residential mortgage compliance professionals. It seeks to improve ways and means to better serve the residential mortgage industry and, where appropriate, advocate the association's viewpoint. The goal is to encounter ideas and explore compliance issues, news, guidelines, and banking laws for the benefit of mortgage industry participants and for enhancing communications between members of the mortgage industry, regulators and the consumer. In a statement to new members, Foxx confirmed that the association will “reach out to other mortgage industry associations and offer our perspective toward proposed and existing mortgage banking regulations. Virtually every facet of residential mortgage compliance will have a committee to support all the members.” ARMCP has initially chosen the LinkedIn venue to facilitate membership, because it is a sufficiently robust platform for general communications and dissemination of information. The new group is assembling at LinkedIn, where members will work together to build this new professional organization of the residential mortgage industry. For more information, visit www.armcp.org.