AllRegs, an online publisher of reference information for the residential mortgage lending industry, said late Friday that it will offer premium, subscription-based legal content support services through Lanahan & Reilley, LLP, a Calif.-based mortgage banking law firm. “The regulatory compliance and mortgage fraud practice groups at Lanahan & Reilley are uniquely positioned to provide compliance support to mortgage lenders through the AllRegs platform,” said Rachel Dollar, CMB, chair of Lanahan & Reilley’s Mortgage Banking Group. Dollar is the editor of a well-known industry web site, the Mortgage Fraud Blog . “This partnership will allow us to make problem solving tools available to a huge segment of the mortgage baking industry that was previously underserved,” she said. As part of the partnership, AllRegs will offer an Ask the Expert service to help mortgage companies clarify the overwhelming changes in federal, state and other regulations that impact the business of today’s mortgage organizations. Lanahan & Reilley will, through a premium service at AllRegs, provide clarification and guidance to the industry on such issues.
Some industry sources that spoke with HW expressed cynicism at the move, saying that a California-based firm wouldn’t be well-positioned — or even qualified — to comment authoritively on compliance matters outside of the Golden State. “The legal profession in mortgage banking is, outside of Federal regulations, very fragmented,” said one source, on the condition of anonymity. “I don’t know how AllRegs thinks that a California law firm can comment on compliance issues in Pennsylvania, frankly. “This seems to be something much better suited for an legal trade association to tackle, in my mind. I’m not sure why AllRegs didn’t go that route, especially since they’re going to charge money for it.” AllRegs said the scope of its Legal Content Support Service will include federal laws and regulations within the AllRegs Online content service, as well as specific state laws and regulations to which the client has access through their existing AllRegs subscription. “[Ask the Expert] will provide small and mid-size companies with legal content support for questions that arise throughout their daily operations,” said Dan Thoms, senior vice president at AllRegs. “When combined with our online single-family guidelines and forms, branch offices will have the informational resources they need to increase productivity and expedite issue resolution all at a very reasonable and predictable cost.â€? For more information, visit http://www.allregs.com.