Prepping For The CFPB

*Prepping For The CFPB*
**By Tony Garritano**

TonyG***Let’s face it, everyone is afraid of the Consumer Financial Protection Bureau (CFPB). Lenders ask: What are they going to require? How do I comply? What happens if I’m found to be out of compliance even though I don’t know it? Simply put, you have to prepare. And in this area technology can help. For example, ISGN has partnered with TRUPOINT Analytics to offer a CFPB Mock Audit, ensuring financial institutions and mortgage lenders maintain compliance with the changing regulatory environment, CFPB rules and Fair Lending requirements.

****ISGN’s Professional Services group, which assesses compliance and operational risk and provides process optimization and cost reduction strategies, has developed a proprietary risk framework to conduct a mock CFPB audit for financial institutions and mortgage lenders. During the audit, ISGN performs a targeted loan review of potential problem loans identified through TRUPOINT Analytics’ Fair Lending and Home Mortgage Disclosure Act (HMDA) analysis systems.

****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.”

****TRUPOINT Analytics is a Software-as-a-Service (SaaS)-based comparative analysis platform for financial institutions. TRUPOINT’s analysis engine provides the data analytics and lending report insight financial institutions need to understand and mitigate Fair Lending and HMDA risks.

****“When left unchecked, Fair Lending and HDMA risk can stall growth, undermine acquisition plans, hinder profitability and damage an organization’s reputation,” said Trey Sullivan, CEO of TRUPOINT. “The collaboration of TRUPOINT’s compliance analytics combined with ISGN’s compliance expertise compounds our ability to offer cost-effective solutions in a difficult area where mistakes can have severe consequences.”

****“ISGN is committed to offering innovative technology solutions to assist financial institutions and mortgage lenders in their effort to maintain compliance in today’s complex regulatory environment, and partnering with TRUPOINT to offer a CFPB mock audit further enhances our customer’s compliance capabilities,” added Ritesh Idnani, CEO and vice chairman of ISGN. “Many of our clients find this variable outsourced solution can overcome hurdles in building out capital intense infrastructure.”

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.