ISGN Corporation has announced that AnnieMac Home Mortgage, a Mount Laurel, N.J.-based residential mortgage lender, has implemented ISGN’s Consumer Financial Protection Bureau (CFPB) Compliance RiskCheck to evaluate risk against the CFPB’s requirements. Dozens of new CFPB rules have taken effect over the past two years and more changes will continue to be released throughout 2015. ISGN’s RiskCheck is the only Software-as-a-Service (SaaS), cloud-based risk assessment tool available in the market today, and is designed specifically for lenders and servicers like AnnieMac Home Mortgage that are in need of a cost-effective, efficient risk evaluation solution to comply with the new and changing CFPB requirements. CFPB Compliance RiskCheck enables AnnieMac Home Mortgage to utilize a Web-based system to conduct an end-to-end review of its policies and procedures. The platform contains a series of approximately 600 questions, which are broken out by three categories: Compliance management, originations, and servicing, and then by area of risk.
The cloud-based self-assessment tool provides several help features including best practice sample answers, live compliance assistance and links to compliance regulations when completing the answers, which are then analyzed automatically using taxonomy in line with CFPB regulatory guidelines to calculate the residual risk. AnnieMac Home Mortgage will be able to generate a detailed report including compartment risk weightings, trends and high risk items, which can then be provided to regulators and to executive management for action plans.
“Failure to comply with the CFPB’s requirements can lead to severe consequences, and as our organization continues to grow, it is imperative that we address any risks that could result in non-compliance,” said Joseph Panebianco, CEO of AnnieMac. “Keeping up with the latest CFPB regulations is challenging, but ISGN’s RiskCheck is a practical, reliable solution that simplifies the compliance management process.”