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UDAAP Risk is Risky Compliance Business

“How do you solve a problem like Maria? How do you catch a cloud and pin it down?” – Lyrics, “Maria,” The Sound of Music The singing nuns in the iconic film described the trainee Maria as “A flibbertijibbet! A will-o’-the wisp!” In financial services compliance, we have our own …

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The Fine Art of Vendor Management

By Michael Steer With today’s regulatory risk, vendor management is an opportunity to strengthen your risk management program and invest in quality vendor partnerships. For many lenders, it appears vendor management is still an area that is not given sufficient resources and attention. This is understandable given today’s compliance requirements. …

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Divide and Conquer: CFPB Intensifies Focus on Third-Party Vendors, Launches Direct Supervision Program Focused on Mortgage Industry

The Consumer Financial Protection Bureau (CFPB or Bureau) continues to expand its gaze, announcing this past April that it has begun implementation of a program to directly supervise service providers of financial institutions, particularly those that cater to the mortgage industry.[1] As regulatory signals go, this one should be relatively …

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Vendor Management from the Top Down: Utilizing Cyber Security as an Example

By Debbie Hoffman What are regulators’ top priority for the mortgage industry? What area has been having the most activity—and compliance gaps? Which players have—and have not—been getting the most regulatory heat? The answer is vendor oversight among supervised institutions in the mortgage industry. The increased use of service providers by …

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Mortgage Quality Assurance and Quality Control

The technical aspects of compliance are most meaningful when they support a consistent and comprehensive program of mortgage quality. Whether mortgage lenders are striving to meet the requirements of HUD, FHA, Fannie Mae, Freddie Mac, or a provincial regulator, the principles of quality control and quality assurance improve or enhance …

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Mortgage Compliance Professional of the Month for July 2017: James McGee

Congratulations, James McGee, on being selected Mortgage Compliance Magazine’s Mortgage Compliance Professional of the Month – July 2017! James McGee joined Colonial Savings Bank (Colonial) and serves as a Senior Compliance Analysis. In his current role, he is responsible for leading regulatory compliance and risk management activities throughout the Mortgage …

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