Lenders Compliance Group Inc. (LCG) has announced the formation of Brokers Compliance Group, a new mortgage compliance service exclusively devoted to offering regulatory compliance support to mortgage brokers and loan originators (LOs).
"My colleagues and I feel that mortgage brokers and loan originators have been traditionally underserved by compliance professionals," said Jonathan Foxx, LCG's president and managing director. "We are able to offer cost-effective, high-quality compliance support to this important group that is in much need of timely, reliable, and essential compliance guidance."
In addition to a presence on Twitter and Facebook, Brokers Compliance Group has established the following free communications portals, as part of its new launch:
►Brokers Compliance Group Web site
►Brokers Compliance Group Social Community
►Brokers Compliance Group LinkedIn Group
Brokers Compliance Group will offer compliance support services designed for mortgage brokers, including:
►Policies and Procedures
►Due Diligence Reviews
►Ongoing Compliance Administration
►Direct Access to Compliance Experts
►Disclosure Reviews
►Training and Education
►Three Economical Plans
►Regulatory Hotline
►Weekly Column
The Brokers Compliance Group LinkedIn Group is an Open Group devoted to sharing updates, news, and views about the unique mortgage compliance needs of residential mortgage brokers and mortgage loan originators. The Social Community venue is a Closed Group, available only to mortgage brokers and LOs who are interested in mortgage compliance news and solutions. LCG will maintain the community, monitor discussions, and encourage feedback.
There are three service plans, depending on the client's compliance needs. Large and small mortgage brokers will be served, with smaller mortgage brokers being permitted to form cooperatives to receive compliance services as a group. LCG will even act as an ombudsman to place smaller brokers into cooperative arrangements, where necessary.
"Our focus is on the unique compliance needs of mortgage brokers and loan originators, who want to know as much as possible about the compliance requirements relating to originating residential mortgage loan products," said Foxx. "If you are a mortgage broker or a loan originator, I hope you will contact us to take advantage of the initiatives offered by Brokers Compliance Group."
