The Consumer Financial Protection Bureau revealed its national servicing and qualified mortgage rules last month, prompting the mortgage finance sector to search for the most efficient means to comply with the new guidelines.
Sensing this sea change in the marketplace, due diligence provider Clayton Holdings announced it has partnered with the Detroit-based law firm of Maddin, Hauser, Wartell, Roth & Heller P.C.
Together, the partners will offer mortgage servicers readiness assessments to prepare for upcoming CFPB examinations.
As partners, Clayton Holdings and the law firm will evaluate individual servicers’ compliance with federal consumer laws by reviewing independent loan files, while also interviewing management and conducting procedure and documentation reviews.
The partners will evaluate compliance deficiencies, monitor changes to the new rules and regulations and highlight initiatives that can push compliance platforms above and beyond CFPB’s minimum requirements, Clayton Holdings said.
“Clayton has a long history of providing insight to mortgage servicers through operational assessments and its RMBS surveillance,” said Bruce Legan, president of Clayton Consulting Services.
“We’re excited to be able to combine Clayton’s deep operational knowledge of residential mortgage 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.”