|By Business Wire||
|January 27, 2014 08:01 AM EST||
Promontory Financial Group has completed a major update to the regulatory compliance monitoring and testing suite of its RADAR platform. The update reflects significant changes to the Real Estate Settlement Procedures Act and the Truth in Lending Act that went into effect in January.
Michael Dawson is a managing director at Promontory and coordinates its global compliance practice. (Photo: Business Wire)
The changes are due to rules issued by the Consumer Financial Protection Bureau on mortgage servicing, loan origination, and disclosure. The RADAR tool allows financial institutions to evaluate their policies, procedures, and individual transactions for compliance with the most recent regulatory requirements.
“Promontory has updated its RADAR regulatory compliance suite to keep pace with more than 1,100 pages of new rules issued by the CFPB,” said Michael Dawson, managing director at Promontory Financial Group. “We continue to monitor additional regulations and will update RADAR as necessary, so that compliance and risk professionals can continue to rely on it.”
The RESPA changes address servicers’ obligations to furnish information requested by borrowers, correct errors, and provide protections related to force-placed insurance. The CFPB’s rule requires servicers to give delinquent borrowers information about mortgage loss-mitigation options, provide delinquent borrowers with a single point of contact, and evaluate borrowers’ applications for loss mitigation.
The TILA update includes the final qualified mortgage requirements, and addresses initial rate-adjustment notices for adjustable-rate mortgages, periodic statements for residential mortgage loans, prompt crediting of mortgage payments, and responses to requests for payoff amounts.
RADAR provides an integrated Web-based platform to identify and assess compliance risks introduced by the new requirements, across multiple business lines and geographies. The tool also streamlines reporting and tracks program enhancements made in response to regulatory findings.
“Monitoring the new mortgage standards will continue to be a priority for the CFPB,” said Linda Gallagher, managing director at Promontory and head of its consumer-protection practice. “Given the tight regulatory scrutiny they face, firms must have absolute confidence that they can quickly identify critical gaps in their servicing operations.”
Promontory Financial Group, headquartered in Washington, D.C., is the world’s foremost expert in financial risk, regulation, and compliance. The firm helps companies and governments around the world manage complex risk and meet their greatest regulatory challenges with high integrity and quality, thereby making its clients stronger and the financial system safer for consumers. Promontory has offices in New York, San Francisco, Atlanta, and Denver, and affiliate offices in Brussels, Dubai, Hong Kong, London, Milan, Paris, Singapore, Sydney, Tokyo, and Toronto. Eugene A. Ludwig, who served as U.S. comptroller of the currency under President Bill Clinton, founded Promontory in 2001.
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