A new company is being touted as the only service provider dedicated solely to helping residential loan servicers comply with a host of important rules, regulations and requirements.
Lenders Compliance Group already claimed that it was the first full-service, mortgage risk management firm in the country that specializes exclusively in outsourced mortgage compliance while offering a range of services in residential lending for banks and non-banks.
Now, the Long Beach, N.Y., firm has opened a new subsidiary that, it says, is the first U.S. full-service risk management firm specializing exclusively in outsourced servicing compliance and offering a full suite of support services to servicers and sub-servicers.
The new subsidiary, Servicers Compliance Group Inc., “builds on existing tools, processes, subject matter experts, risk assessments, and resources to provide a “best practices” approach to residential mortgage servicing compliance,” an announcement Thursday said.
The company says it provides cost effective compliance guidance with an emphasis on Consumer Financial Protection Bureau servicing standards, servicer quality assurance and all aspects of servicing compliance.
The statement said that the new entity’s fees are considered to be an economical alternative to most compliance support, audit, due diligence and review firms that provide high-level compliance guidance.
In addition, servicers are no longer limited only to sources like news publications, trade associations or attorneys for compliance requirements or help.
“For the first time, servicers and sub-servicers have cost-effective access to subject matter experts, compliance attorneys, professional consultants, and a wide array of supportive compliance services,” Servicers Compliance President and Managing Director Jonathan Foxx said in the news release.
Servicers Compliance is online at www.ServicersComplianceGroup.com..