Lenders Compliance Group Inc. (LCG), a nationwide risk management firm, has announced the launch of Servicers Compliance Group Inc. (SCG), a full-service mortgage risk management firm specializing exclusively in outsourced mortgage servicing compliance and offering a full suite of support services to servicers and subservicers. Servicers Compliance Group, as an affiliate of Lenders Compliance Group, builds on existing tools, processes, subject matter experts, risk assessments, and resources to provide a "best practices" approach to residential mortgage servicing compliance.
Servicers Compliance Group’s Web site (www.ServicersComplianceGroup.com), shows that the firm offers guidance and services that are specific to the unique needs of mortgage servicers, by providing cost effective compliance guidance, and especially in the important areas of CFPB Servicing Standards, Servicer Quality Assurance, and all aspects of Mortgage Servicing Compliance.
“Over the years, mortgage servicers have had only their competitors, associations, various publications, and rather expensive professional firms to turn to for compliance guidance. That era has now ended with the advent of Servicers Compliance Group! For the first time, servicers and subservicers have cost-effective access to subject matter experts, compliance attorneys, professional consultants, and a wide array of supportive compliance services,” said Jonathan Foxx, president and managing director of Lenders Compliance Group and also its new affiliate Servicers Compliance Group.
According to media reports, SCG’s fees, whether monthly or project-based, are said to be economical relative to most compliance support, audit, due diligence, and review firms that provide such high-level compliance guidance.
Foxx stated that “servicers and subservicers have largely been dependent on law firms and compliance consultants. They have had no support from a full-service risk management firm, most especially in preparing for the compliance challenges they face each day. Our view is that establishing Servicers Compliance Group and making it affordable brings servicers the kind of reliable and expert guidance that is needed to comply with new and existing laws, policies, procedures, and operations, involving the servicing of residential mortgage loans.”
"Just like years ago when we answered the need for lenders to retain cost-effective mortgage risk management, we are now answering the same need on the part of mortgage servicers," said Foxx. "We have the people, resources, and expertise to provide servicers with the kind of care and attention that they expect.”