|By Business Wire||
|June 24, 2014 09:31 AM EDT||
ISGN CorporationTM (“ISGN”), a leading provider of end-to-end technology solutions and services to the U.S. mortgage industry, today announced that AnnieMac Home Mortgage, a Mount Laurel, N.J.-based residential mortgage lender, has implemented ISGN’s Consumer Financial Protection Bureau (CFPB) Compliance RiskCheckTM to evaluate risk against the CFPB’s requirements. AnnieMac Home Mortgage selected the multi-user option under a 12-month subscription, which is renewed annually.
Dozens of new CFPB rules have taken effect over the past two years and more changes will continue to be released throughout 2015. ISGN’s RiskCheck is the only Software-as-a-Service (SaaS), cloud-based risk assessment tool available in the market today, and is designed specifically for lenders and servicers like AnnieMac Home Mortgage that are in need of a cost-effective, efficient risk evaluation solution to comply with the new and changing CFPB requirements. CFPB Compliance RiskCheck enables AnnieMac Home Mortgage to utilize a web-based system to conduct an end-to-end review of its policies and procedures. The platform contains a series of approximately 600 questions, which are broken out by three categories – compliance management, originations, and servicing – and then by area of risk.
The cloud-based self-assessment tool provides several help features including best practice sample answers, live compliance assistance and links to compliance regulations when completing the answers, which are then analyzed automatically using taxonomy in line with CFPB regulatory guidelines to calculate the residual risk. AnnieMac Home Mortgage will be able to generate a detailed report including compartment risk weightings, trends and high risk items, which can then be provided to regulators and to executive management for action plans.
“Failure to comply with the CFPB’s requirements can lead to severe consequences, and as our organization continues to grow, it is imperative that we address any risks that could result in non-compliance,” said Joseph Panebianco, CEO of AnnieMac Home Mortgage. “Keeping up with the latest CFPB regulations is challenging, but ISGN’s RiskCheck is a practical, reliable solution that simplifies the compliance management process.”
“To remain competitive, profitable and compliant, lenders should invest in innovative technologies that automate mortgage compliance with a quick break-even point and high ROI,” said Paul Imura, chief marketing officer of ISGN. “Leveraging a tool like RiskCheck can eliminate the research, guesswork and confusion over changing regulatory requirements. We are pleased to have AnnieMac Home Mortgage as one of our key customers to demonstrate the power of this much needed innovation.”
About AnnieMac Home Mortgage
Headquartered in Mount Laurel, New Jersey, AnnieMac Home Mortgage, a d/b/a of American Neighborhood Mortgage Acceptance Company, LLC (NMLS# 338923) provides quality mortgage loan products to consumers nationwide. As an approved seller/servicer with Fannie Mae, Freddie Mac and Ginnie Mae, AnnieMac Home Mortgage has access to some of the best mortgage programs available, including Conventional, Government and Non-Conforming mortgages. AnnieMac Home Mortgage’s processing and underwriting are completed in-house therefore consumers can expect an efficient process and exceptional customer service. AnnieMac Home Mortgage is proud to be recognized as an accredited business by the Better Business Bureau. www.annie-mac.com
Based in Palm Bay, Fla., ISGN is a leading end- to-end provider of mortgage technology and services, impacting over 5.5 million of all U.S. mortgage loans. Our 1,500 domain and technology experts have spent more than 25 years creating award-winning technologies and solutions to help financial institutions improve precision, reduce risk, manage volatility and effectively transform their business. With flexible staffing and delivery models, ISGN is uniquely positioned as one of the few comprehensive end-to-end mortgage service providers to both the origination and servicing sectors. ISGN also offers valuation, title and closing services. The company works with a majority of the top ten national lenders, as well as with regional lenders, nonbanks, credit unions and community banks. For more information, visit www.ISGN.com.