Consulting firm Teraverde Management Advisors has formed a new business unit to help clients grapple with their compliance requirements.
Teraverde's new compliance services unit looks to advise banks, independent mortgage bankers and other financial institutions on a variety of regulatory concerns, the company said in a press release Wednesday. Teraverde's chief administrative officer Alex Henderson will lead the new division as its general manager.
Teraverde’s new group will advise lenders on compliance with the Truth in Lending Act and Real Estate Settlement Procedures Act, which are being combined into
The Lancaster, Pa.-based company, which also has offices in New York, Dallas and Coral Gables, Fla., witnessed a large increase in demand for its compliance management services in the past year, according to Henderson. He attributed this growth in part to increased regulation under Dodd-Frank and the Consumer Financial Protection Bureau.
"Compliance requirements have upended the existing mortgage banking operational model, and it is even a greater challenge for a financial institution to remain operationally efficient and increase profits given the new reality," Henderson said in the press release.
Teraverde also provides consulting on technology issues in mortgage banking, financial institution management and capital planning strategy. The firm serves roughly 150 clients in the financial services industry.
