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Frequently Asked Questions - Mortgage Compliance - Live!July 2, 2013

Greetings!

 

Francis Bacon is quoted as saying:

 

Who questions much, shall learn much, and retain much.

 

Recently, I told you about the new website we were building for mortgage compliance questions - the kinds of questions that beg for answers!

 

Frankly, I really cannot remember a time when we received such a huge positive response from our subscribers and colleagues to one of our announcements!  

 

The new website is free and it is devoted to questions and answers relating to residential mortgage compliance. Our firm's own Subject Matter Experts will choose and review questions for publication on the website.

 

We consider this gesture as reflective of our commitment to residential mortgage lenders and originators. This is not a social forum where everybody banters back and forth debating a compliance question, opining and pontificating, where you might as well throw a dart to find the right answer amongst the plethora of opinions of the so-called experts.   

 

At our new website, you will ask the questions and we will endeavor to answer them. Residential mortgage compliance is our special domain!

 

Your answers will be provided by our Subject Matter Experts, consisting of individuals at the Director level, who have held positions such as Chief Compliance Officer, General Counsel, Compliance Counsel, Deputy Commissioner - Banking Department, IT and IS EVP, Acting Director - Consumer Credit Division, Compliance Manager, Regulator (federal), Examiner (state), Operations EVP, and Underwriting EVP.

 

Welcome questioners - it's time to release that inner question!

 
Courage,

Jonathan

 

 

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Jonathan Foxx
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Collaborating on Compliance

Together, we will build our own FAQs Library devoted to residential mortgage compliance.

 

Lenders Compliance Group will maintain this website and its FAQs Library as a resource for you.

 

The collboration on Frequently Asked Questions commences when our FAQs Team chooses a really good question (or, in compliance-speak, an "RGQ"). The answer will be published weekly.

 

If demand warrants it, we will answer questions more frequently.

 

Questioners' will be notified that their question was chosen, but their names will not be published.

 

We want solid questions from companies, not consumers, because this is a service to help you conduct your loan origination business safely, soundly, and in compliance with federal and state guidelines.

 

And we will notify you whenever a new FAQs has been posted!

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Guidelines

Let's be clear that any content provided by Lenders Compliance Group, Inc. in the FAQs website is not, nor is it intended to be, legal advice. Any exchange of information contained therein does not, and is not intended to, create or constitute an attorney-client relationship, a relationship with Lenders Compliance Group, Inc., or its Subject Matter Experts, or its affiliates and subsidiaries. The views expressed are those of the contributing members of the FAQs Team, as well as news services and websites linked thereto, and do not necessarily reflect the views or policies of Lenders Compliance Group, any governmental agency, business entity, organization, or institution. Lenders Compliance
Group makes no representation concerning and does not guarantee the source, originality, accuracy, completeness, or reliability of any statement, information, data, finding, interpretation, advice, opinion, or view presented in the FAQs website.

 

Whew! What a mouthful!

 

That said, here are some guidelines (or 'facts of life' involving the mortgage space): 

  • There is no omniscient Answer Man or Answer Woman!
  • Often there is no one-size-fits-all answer to a regulatory question.   
  • The plain reading of a regulatory statute does not always derive compliance solutions.
  • Courts are filled with disputes regarding the interpretation of text within the "four corners" of a relevant document entered as an exhibit in litigation.  
  • Sometimes, differing courts hold differing rulings, even contradicting one another.
  • Sometimes, we'll need to let you know that the question is great, but it does not have an answer currently supported by regulatory guidelines, verdicts, banking law, formal or informal regulatory announcements, and proposed or final rules!
  • We are not diviners, predictors, prognosticators, oracles, or forecastors.
  • We are pretty good at rendering compliance guidance where guidance is due!
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Pointers

This is a business-to-business website, so questions must come from companies.

  • Please be sure to phrase your question clearly and concisely.
  • One question permitted per inquiry.
  • Sometimes a scenario helps.
  • Only a company may ask a question, not a consumer.
  • One question is chosen by our Subject Matter Experts weekly.
  • We publish the answer weekly in the FAQs.
  • We do not publish any information about the questioner.

 We will notify all subscribers when a new FAQs has been published. 

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LENDERS COMPLIANCE GROUP is the first full-service, mortgage risk management firm in the United States specializing exclusively in outsourced mortgage compliance and offering a full suite of services in residential mortgage banking for banks and non-banks. We are pioneers in outsourcing solutions for residential mortgage compliance. We offer our clients real-world, practical solutions to mortgage compliance issues, with an emphasis focused on operational assessment and improvement, benchmarking methodologies, Best Practices, regulatory compliance, and mortgage risk management. 

 

This newsletter is free to subscribers, clients, and colleagues, who also regularly receive our free Mortgage Compliance Updates, Announcements and Commentaries.  

 

Information contained in this email is not intended to be and is not a source of legal advice. The views expressed are those of the contributing author, as well as news services and websites linked hereto, and do not necessarily reflect the views or policies of Lenders Compliance Group, any governmental agency, business entity, organization, or institution. Lenders Compliance Group makes no representations concerning and does not guarantee the source, originality, accuracy, completeness, or reliability of any statement, information, data, finding, interpretation, advice, opinion, or view presented herein.

 

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