Servicers Compliance Group Inc. has been created by Lenders Compliance Group to provide servicers and subservicers guidance on the new Consumer Financial Protection Bureau rules.
This subsidiary’s creation follows LCG’s prior launch of the Brokers Compliance Group, which also was established to respond to market demand.
LCG specializes in outsourcing residential mortgage compliance assistance for banks and nonbanks. The new firm also will have an “exclusive focus” on the regulatory compliance issues affecting residential mortgage servicing.
Each institution is unique in size, products offered, complexity and business strategy, so services are tailored according to their specific needs, says Jonathan Foxx, president and managing director of the Lenders Compliance Group.
Clients may include national and local banks, mortgage lenders and servicers, mortgage REITs, mortgage brokers, warehouse banks, correspondent/wholesale lenders, lenders and agents that specialize in VA, HUD/FHA supervised and unsupervised loans.
The firm also offers FHA mortgage brokers a complete regulatory risk assessment compliance program and customized platform that supports mortgage loan origination sales within the requirements of federal, state and local law.