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.
As director of agency relations, Cicchetti will focus on assisting clients that need guidance with respect to the expectations of government agencies. In addition to his responsibilities as director of agency relations, Cicchetti will also be involved in engagements that require, among other things, his expertise in SAFE and NMLS requirements.
"Because of Alan’s involvement in regulatory agency work and interactions, he brings a unique ability to offer support to clients in need of a firm and reliable resource to facilitate policies, procedures, and current compliance practices,” said Jonathan Foxx, president and managing director of Lenders Compliance Group.
“Jonathan Foxx has built a dynamic, full service mortgage risk management firm based on his vision of providing outstanding client service at an affordable cost,” said Cicchetti. “With the recent launch of Brokers Compliance Group, Jonathan has taken his vision to the next level by providing a full suite of compliance services to residential mortgage brokers that are comprehensive, specific to their needs and very cost effective.”
In his role as executive director of Brokers Compliance Group, Cicchetti will manage the growth of this new risk management firm devoted exclusively to mortgage brokers.
"In Alan Cicchetti, Brokers Compliance Group has a competent, innovative and highly experienced professional at its helm, an individual who understands the unique compliance needs of mortgage brokers,” said Foxx.
From 1999-2011, Cicchetti was the Deputy Commissioner of the Connecticut Department of Banking. During that time, he also served as Acting Director of the Consumer Credit Division. In that role, his responsibilities included regulation, examination, licensing and enforcement activities relating to non-depository licensees, including mortgage brokers, lenders, originators, check cashers, money transmitters, debt adjusters and negotiators, consumer collection agencies and others. He created and introduced proposed legislative changes for approval by the Commissioner and submission to the legislature for passage and enactment. He was the Co-Chair of the Regulations and Policy Committee of Connecticut’s Sub-prime Lending Taskforce. Cicchetti’s background in the industry is hands-on and practical. He has held administrative positions in large bank and non-bank companies. He was also an Executive Assistant in the Office of the Treasurer, where, among his numerous responsibilities, he represented the Treasurer on the Board of Directors of the Connecticut Housing Finance Authority and served as Chairman of the Mortgage Committee.
Cicchetti is active in important mortgage industry associations, and he has been a faculty member at the University of Hartford, Barney School of Business. He holds a BS from Bryant University and an MBA from the University of Connecticut.