Home >> News >> Data >> Companies Join to Prepare Servicers for CFPB Examinations
Print This Post Print This Post

Companies Join to Prepare Servicers for CFPB Examinations

As the industry readies itself to meet new regulatory requirements from the ""Consumer Financial Protection Bureau"":http://www.consumerfinance.gov/ (CFPB), two industry service-providers team together to help servicers prepare for CFPB examinations and adjust procedures to comply with new regulations.

[IMAGE]

""Clayton Holdings LLC,"":http://www.clayton.com/ a Shelton, Connecticut-based company that offers due diligence, consulting services, and surveillance, joins with ""Maddin, Hauser, Wartell, Roth & Heller, P.C.,"":http://www.maddinhauser.com/ a Detroit-based real estate and mortgage banking law firm, to provide a new range of services in preparation for new industry regulations.

""Due to the rapidly changing mortgage servicing environment, including the CFPB's release of its final rules for mortgage servicers in mid-January, mortgage servicers are confronting, and will continue to face, growing legal and operational challenges,"" according to a press release from Clayton Holdings.

""A Clayton/Maddin Hauser relationship provides a unique 'value proposition' for our servicer clients├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô├â┬ó├óÔÇÜ┬¼├óÔé¼┼ôcombining extensive mortgage servicing expertise with a pragmatic and cost effective approach to assisting those clients in controlling their risk in an uncertain regulatory environment,"" said Martin Frenkel, co-chair of Maddin Hauser's mortgage litigation and compliance group.

The two companies will offer compliance reviews, including loan-level file assessments and inspections of servicers' policies. They will then help servicers rectify any shortcomings in order to avoid later repercussions from regulatory agencies.

Clayton and Maddin Hauser will offer constant advisement as industry rules continue to develop and change.

""We're excited to be able to combine Clayton's deep operational knowledge of residential loan servicing with Maddin Hauser's consumer law expertise to provide a top-tier offering to residential mortgage servicers in advance of a CFPB examination,"" said Bruce Legan, president of Clayton Consulting Services.

x

Check Also

Survey: Homeownership Remains Elusive for Baby Boomer Renters

A recent look into housing affordability by NeighborWorks America has found that three in five long-term baby boomer renters feel homeownership remains unattainable.