Taking On The CFPB

*Taking On The CFPB*
**By Tony Garritano**

***Certainly the CFPB has complicated the process. But they have improved it, as well. The end result has been an increased compliance burden nonetheless. To this end, Cognitive Options Group, a national consulting firm specializing in mortgage compliance and loan due diligence reviews, announced it is expanding its advisory services to focus on new regulations coming from the Consumer Financial Protection Bureau. The expanded service offerings will help mortgage industry participants to ensure compliance to new rules and help reduce the risk of mortgage repurchases.

****“CFPB has release several proposals in the last month that will have a huge impact on our business. Helping management to understand the rules and how they will affect their business is paramount right now,” said Penny Showalter, Managing Director of Cognitive Options Group. “Proposals cover LO Comp, RESPA/TILA new disclosure, HOEPA and Servicing with most rules to be effective January 2013. The need to engage mortgage industry experts for guidance has never been more important.”

****At upcoming conferences, Ms. Showalter will be discussing the increasing complexity of mortgage lending and the effect of Dodd-Frank laws and CFPB oversight on mortgage lending products, as well as mortgage policies and procedures. The firm will continue speaking at industry conferences throughout the year to help educate all types of financial services firms on complying with the new regulations and avoiding risky practices.

****Cognitive Options Group is based in Durham, NC and utilizes proprietary software tools to help financial institutions determine if loans have been underwritten to risk tolerances, to guideline and program requirements (prime, subprime, VA and FHA), and compliance with GSE, federal, and state regulations. Cognitive Options Group also provides companies with operational, transactional, and outsourcing services.

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.