Lenders Compliance Group (LCG), a nationwide risk management and compliance support firm, has announced the establishment of Servicers Compliance Group, a new practice area devoted to mortgage servicing compliance.
The unique feature of the new practice area is its concentration on interacting with clients on a monthly basis, continual compliance maintenance, and fulfillment of compliance management system requirements. Additionally, this practice area offers a full range of project initiatives involving audits, due diligence, risk assessments, subject matter expertise, "mock" regulatory examinations, assistance as "first responders" for those institutions that may be experiencing negative actions from regulators, and support with business start-up for servicing.
Servicers Compliance Group has appointed Michelle Leigh, CRCM, MBA, as executive director and Michael Pfeifer Esq. as director. Together, they will offer regulatory compliance support for providers of residential mortgage servicing, subservicing and master-servicing. Both Leigh and Pfeifer will also continue to hold their current positions at Lenders Compliance Group, respectively, as director of Internal Audits and Controls, and director of Legal & Regulatory Compliance.
"We provide guidance, audits, due diligence reviews, and examination preparation for transactional matters involving residential mortgage servicing,” said Leigh. “In addition, we also assist clients with proactive and remedial efforts to enhance servicing compliance policies, procedures, practices and internal controls, including risk assessments and preparation and review of policies and procedures."
Jonathan Foxx, PhD, MBA, President and Managing Director of Lenders Compliance Group and Servicers Compliance Group, said, "Michelle is a uniquely informed professional, with a wide range of knowledge, experience, and expertise in virtually all areas of mortgage banking compliance. Throughout her career, Michelle has supported leading banks and non-banks in the industry at executive levels. She has worked with every regulator within the mortgage industry, both state and federal. In the majority of her appointments, she has managed the exam management areas of such institutions and has one of the highest track rates in volume, having worked with the CFPB in an exam management role to date and, specifically, within the mortgage servicing compliance area. Her career and credentialed background provide exceptional perspective on how to establish and maintain the most effective compliance mandates in mortgage servicing. Michelle is a true leader in our profession and will be an invaluable asset to the clients of Servicers Compliance Group."
Pfeifer is currently counsel to the California Mortgage Bankers Association, having served on its board of Directors for nine years, and has nearly 40 years of experience in representing both bank and non-bank lenders, mortgage servicers, investors and industry service providers. He will support the firm's clients, consulting on their regulatory compliance needs.
"With all the changes that have occurred in the mortgage industry in recent years, I am excited to join this new practice area,” said Pfeifer. “We understand that mortgage servicers must have access to experienced, but also independent expert guidance. Servicers Compliance Group offers compliance solutions for those who seek value, but refuse to compromise on the quality of their compliance programs."
According to Foxx, the decision to team up Leigh with Pfeifer was based on an enduring commitment to offer the very best compliance support in the country to mortgage servicers.
"Michael is a highly experienced legal professional within the mortgage industry, having distinguished himself as a stalwart representative of his clients facing government scrutiny,” said Foxx. “His career involves nearly all aspects of the mortgage industry, giving him an exceptional perspective on how to establish and maintain the most effective servicing compliance programs. He is a well-known authority on mortgage banking and mortgage servicing compliance, a frequent speaker at numerous industry conferences, and the author of numerous articles, including articles involving servicing management."