Brokers Compliance Group – New Risk Management Firm for Mortgage Brokers
PR Log - Aug 15, 2012 - Lenders Compliance Group, Inc., the country's first mortgage risk management firm for mortgage lenders, has today announced the formation and launch of Brokers Compliance Group, 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 to residential mortgage brokers.
Together, Lenders Compliance Group (LCG) and Brokers Compliance Group (BCG) will build on existing tools, processes, experts, risk assessments, and resources to provide a "best practices" approach to residential mortgage compliance. Brokers Compliance Group will operate as a division of Lenders Compliance Group, Inc.
Brokers Compliance Group will offer guidance and services that are specific to the unique needs of mortgage brokers, by providing the following services through a low cost monthly membership fee:
• Subject Matter Experts • Policies and Procedures • Weekly Compliance Hotline • Private Social Community (Invitation Only) • Weekly Compliance Updates • Personalized Response • Membership Logo Certification • Special Alerts and Advisories • Loan Level Analytics • Webinars and Seminars • Special Pricing: AML Compliance CFPB Exam Readiness Testing Training Exam Preparation Licensing Legal Reviews Quality Control • Email Replies to Inquiries: 24/7/365 • Free Subscription: National Mortgage Professional Magazine (e-Edition)
“Over the years, mortgage brokers have had only their competitors, associations, and lenders to turn to for compliance guidance. That era has now ended with the advent of Brokers Compliance Group! For the first time, mortgage brokers have cost-effective access to subject matter experts, compliance attorneys, professional consultants, and a wide array of supportive compliance services,” said Jonathan Foxx, President & Managing Director of Lenders Compliance Group.
Interestingly, according to reports to the media, BCG’s monthly fee is said to be very low and is the same fee, whether the mortgage broker is a small or large entity. The member can pay online and continue the service as long as needed. There is no penalty for withdrawing from membership. Certain add-on services, such as quality control, are deeply discounted. Eligibility is based on an entity's active licensing status through the Nationwide Mortgage Licensing System and Registry (NMLS).
Mr. Foxx stated that “mortgage brokers have largely been ignored by law firms and compliance consultants because most brokers are just two to six people and often do not have the financial means to retain competent guidance. Our view is that establishing Brokers Compliance Group and making it affordable will level the playing field for brokers and also make them more independent and stronger, especially in dealing with their day to day compliance needs.”
Brokers Compliance Group will now provide a wealth of information and unprecedented access to mortgage risk management support within the mortgage brokerage industry. As a well-respected mortgage risk management firm, LCG will ensure that BCG's clients are adequately versed and appropriately advised, with respect to regulatory compliance issues affecting their businesses.
In a final statement released to the press, Mr. Foxx said that “just like years ago when we answered the need for lenders to retain cost-effective mortgage risk management, we are now answering the same need on the part of mortgage brokers. Already, our wholesale lender clients are sending their mortgage brokers to Brokers Compliance Group to receive the kind of care and attention that they have been receiving from us all along.”