The Multi-State Mortgage Committee (MMC) has released its 2012 annual report highlighting accomplishments of the Committee in 2012. The MMC spent a considerable amount of time in the mortgage servicing area during 2012. Those efforts helped contribute to the successful culmination of the historic $25 billion Nationwide Mortgage Servicing Settlement with the five largest mortgage servicers. Through a partnership with state attorneys general, the settlement will help many homeowners remain in their homes and avoid foreclosure through loan modifications.
Other initiatives achieved by the MMC noted in the 2012 annual report include:
►The creation of a collaborative website for examinations;
►Refining the Limited Scope Electronic Examination platform;
►The development of an anti-money laundering examination module;
►Completion of SAFE Examination Guidelines;
►Establishing MMC operating procedures; and
►Formalizing the MMC Information Sharing Protocol with the Consumer Financial Protection Bureau (CFPB).
“The efforts of the MMC over the past year have greatly enhanced and refined our coordinated supervisory efforts over large, multi-state mortgage lenders and servicers,” said Cynthia Begin, president of the American Association of Residential Mortgage Regulators (AARMR) and Chief Risk Officer at the Massachusetts Division of Banks. “Through the increased use of technology and the successful development and testing of a risk-profiling model, state mortgage regulators are now able to effectively risk scope examinations and prioritize our coordinated resources. With such measurable achievements, the MMC has and will continue to enhance the overall system of state mortgage supervision.”
The MMC was created in 2008 by state financial regulators through the Conference of State Bank Supervisors (CSBS) and AARMR. The MMC is charged with coordinating the examination and supervision of those mortgage lenders and brokers operating in more than one state. The MMC is comprised of 10 members who are elected by the boards of CSBS and AARMR.
“In 2013 technology will continue to be paramount in coordinating and enabling state mortgage regulators to efficiently and effectively do their work,” said Charlie Fields, Chairman of the MMC and Director of Non-Depository Entities at the North Carolina Office of the Commissioner of Banks. “The MMC will continue to stress the use of technology in the examination process to create a more comprehensive, less burdensome assessment of the mortgage industry.”