PRESS RELEASE:

The Compliance Group Expands in Illinois - Federal, State and Local Oversight Creates Complex Regulatory Environment for Mortgage Lenders and Servicers

| From
Photo: mortgage compliance

CHICAGO, Ill., March 18, 2014 (SEND2PRESS NEWSWIRE) -- Leading mortgage compliance services provider The Compliance Group, Inc. (TCG), is pleased to announce its expanded presence in Illinois in response to significant Federal, state and local regulatory oversight affecting mortgage lenders and mortgage servicers in the state.

"Clearly, Illinois is the centerpiece of the vital mid-west regional mortgage marketplace," said Annemaria Allen, CEO and founder of The Compliance Group. "Significant regulatory oversight at the state level, in addition to the more commonly discussed Federal regulation of the mortgage industry, has raised demand for compliance expertise in Illinois."

Specializing in compliance since 2000, the Compliance Group was founded by mortgage compliance expert Annemaria Allen, who has been active in the mortgage industry for more than two decades. Today, The Compliance Group offers unparalleled experience in state specific regulations and audits for mortgage lenders and mortgage servicers.

In an article featured by the Mortgage Bankers Association newsletter MBA Newslink in January, Allen outlined key aspects of Illinois regulations. For example, currently the only state with an anti-predatory lending database, Illinois requires lenders to log loans within 10 days after the mortgage loan application:

The most common compliance errors cited in this area by state mortgage regulator the Illinois Department of Financial and Professional Regulation include failure to input information into the database within the 10 day period; making improper database entries; and erroneous requests for Certificates of Exemption from the database (for example, depository institutions are exempt).

"It is worth saying again that Illinois mortgage regulations and regulators are as tough as it gets," Allen said. "Further, state regulators across the board have begun turning their attention to lenders' servicing and subservicing activities. With the increased scrutiny in this heretofore overlooked area, an experienced third-party expert can provide the knowledge and best practice recommendations needed to successfully pass a servicing audit."

"With all of the recent regulatory changes and new requirements affecting mortgage bankers, staying compliant can be a daunting task," said Barbara Zajicek, Executive Director of the Illinois Mortgage Bankers Association. "The Illinois Mortgage Bankers Association welcomes The Compliance Group to its membership roster. Companies like The Compliance Group are an invaluable resource to our members as they deal with risk management issues. Compliance is now at the forefront of mortgage banking operations."

The Compliance Group is a proud member of the Illinois Mortgage Bankers Association. For more information about its Illinois, or other state-specific, compliance services, call 877-654-6824.

About The Compliance Group:

The Compliance Group (TCG) is a leading nationwide financial services risk management organization focused solely on its clients' compliance success ( www.TheComplianceGroup.net ). TCG has helped hundreds of financial institutions mitigate risk and losses with its proprietary, patent-pending technology and its core business solutions of Compliance, Quality Control and Licensing. Founded by Annemaria Allen in 2000, TCG has built upon her deeply experienced understanding of compliance and risk management to bring peace of mind to the financial services industry.

TCG's LicenseTracker® ( www.LicenseTracker.net ), is a patent-pending, web-based application, to help mortgage businesses, branches, and loan originators maintain and track required state and federal agency licensing deadlines and continuing education requirements.

TCG technology is complemented by its experts' keen attention to delivering results the right way - with integrity, quality, transparency, reliability and customer care. Its appreciation for relationship building allows TCG to assist its clients in understanding the complexity of compliance, developing their strengths in areas of risk while turning compliance and quality control into a profitability strategy.

For more information, contact Annemaria@TheComplianceGroup.net.

About the Illinois MBA:

The Illinois Mortgage Bankers Association (IMBA) is a not-for-profit trade association comprised of approximately 165 companies and institutions whose business interests revolve around residential and/or commercial mortgage lending including mortgage bankers, community banks, national banks and those providing services to mortgage lenders, including mortgage insurance companies, title insurance companies, attorneys, appraisers, credit bureaus, and Freddie Mac and Fannie Mae. IMBA's mission is to provide information, educational resources and effective advocacy to help its members be profitable, ethical and prepared for future challenges.

For more information about the valuable benefits of becoming an IMBA Member, visit http://www.imba.org/.

* LOGO 300dpi: Send2Press.com/mediaboom/14-0318-compliance-grp_300dpi.jpg .

News Source:
MORE INFORMATION:
For more information regarding this press release, please visit:
http://www.TheComplianceGroup.net/
Like, Share, Save this press release:
  TWEET   SHARE   G+   PIN IT   STUMBLE   LinkedIn   Instapaper   Buffer

PERMALINK:
https://www.send2press.com/newswire/The-Compliance-Group-Expands-in-Illinois-Federal-State-Local-Oversight-Creates-Complex-Regulatory-Environment-Mortgage-Lenders-Servicers_2014-03-0318-003.shtml
Shortlink to this press release: http://i.send2press.com/BBATq
  LEGAL NOTICE AND TERMS OF USE:  
The content of the above press release was provided by the “news source” (The Compliance Group, Inc.) or authorized agency, who is solely responsible for its accuracy. Send2Press® is the originating wire service for this story and content is Copr. © 2014 The Compliance Group, Inc. with newswire version Copr. © 2014 Send2Press (a service of Neotrope). All trademarks acknowledged.

Rights granted for reproduction by any legitimate news organization. However, if news is cloned/scraped verbatim, then original attribution must be maintained with link back to this page as “original syndication source.” Resale of this content for commercial purposes is prohibited without a license. Reproduction on any site selling a competitive service is also prohibited. Information is believed accurate, as provided by news source or authorized agency, however is not guaranteed, and you assume all risk for use of any information found herein/hereupon. This work is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License.
STORY READS for this single page only, as of Sep 29 2016:
[ count retired 8.4.16 ]


back to top
REFERENCES: mortgage compliance, Illinois Mortgage Bankers Association, The Compliance Group Inc, CEO Annemaria Allen, regulatory oversight affecting mortgage lenders, Mortgage Bankers Association newsletter MBA Newslink, Illinois Mortgage Bankers Association, Barbara Zajicek, news, press release from The Compliance Group, Inc., Mar 18, 2014, Banking and Finance, Business, Computing, Chicago, Illinois, The Compliance Group Expands in Illinois - Federal, State and Local Oversight Creates Complex Regulatory Environment for Mortgage Lenders and Servicers