Vendors Provide ‘Mock Audit’ to Check for CFPB Compliance

Two vendors have teamed up to provide mortgage lenders with a quick way to check their compliance with Consumer Financial Protection Bureau rules and fair lending requirements.

ISGN Corp., a technology solutions vendor, and TruPoint Partners, a regulatory compliance shop, have partnered to develop a “mock audit” to help lenders prepare for a CFPB examination.

According to Lisa Weaver, senior vice president of mortgage solutions for ISGN, “This approach provides our clients the ability to conduct a dry run to bring out any issues prior to the actual regulatory review.”

During the audit, ISGN performs a targeted loan review of potential problem loans identified through TruPoint Analytics’ Fair Lending and Home Mortgage Disclosure Act analysis systems.