Frank Pellegrini, ALTA’s president, said in a press release that mortgage originators are under regulatory pressure to make certain that their third party service providers are in compliance. The Consumer Financial Protection Bureau has said originators will be held accountable for the actions of their vendors.
ALTA CEO Michelle Korsmo added the assessment procedures are designed to be an objective and uniform tool for originators to evaluate agents.
The press release added that the updated version of the best practices statement results from conversations with agents, underwriters, lenders, regulators and other stake holders. Language across the pillars was modified to make it clearer and more consistent.