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Accurate Group Enhances Managed Services Offering

NationalMortgageProfessional.com
Aug 25, 2015
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Accurate Group has announced it has enhanced its managed services offering designed to help mortgage lenders more effectively comply with regulatory requirements and eliminate costly appraisal management overhead. The enhanced offering is designed for lenders who are currently managing their own appraisal function and related compliance efforts. By taking on the role of outsourced managed service provider, Accurate Group allows mortgage lenders to offload resource and capital-intense overhead functions related to appraisal management and appraisal compliance. The full-service solution can help lenders significantly lower costs, deliver continuous regulatory compliance and focus more resources on core business functions such as loan originations and client service.

A recent Fannie Mae survey found that mortgage lending compliance costs increased nearly 30 percent in 2014. In addition, three-quarters of senior mortgage executives surveyed stated that new rules and regulations issued by the Office of the Comptroller of the Currency (OCC), Consumer Finance Protection Bureau (CFPB), Federal Reserve and Federal Deposit Insurance Corporation (FDIC) have had "significant" impact on their business.

"Many real estate lenders are still managing their own appraisal management function, and adhering to regulatory compliance requirements has become a significant and expensive burden for mortgage lenders. In addition, the complexity of maintaining compliance is putting many firms in the risky position of being non-compliant," said Paul Doman, president and CEO of Accurate Group. "Our goal in providing this full-service, turnkey offering is to enable banks, credit unions and other mortgage lenders to offload the administrative burden and fixed overhead costs of managing real estate appraisals and related compliance requirements, so they can focus on their core business. Many financial organizations have already outsourced IT overhead and systems management, and it is now time for them to consider doing the same with real estate appraisal and compliance management. Not only will it eliminate the risk of non-compliance, but the immediate cost and resource savings they realize by partnering with Accurate Group can then be invested in more strategic areas for business growth."

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