The Mortgage Bankers Association (MBA) has launched a new compliance program to help companies in the mortgage finance industry navigate their businesses through the new compliance rules recently released by the Consumer Financial Protection Bureau (CFPB).
The program, called ‘MBA Compliance Essentials: Education for our New Mortgage World,’ will be presented through a series of webinars and related compliance guidebooks that will provide companies with the foundation of essential policies and procedures that are necessary for internal compliance programs. Materials for this program are being developed in collaboration with expert legal counsel from the leading mortgage banking law firms and is available to both MBA member and nonmember companies.
‘This offering is particularly important for our smaller, community-based lenders facing a daunting new regulatory landscape,’ says David H. Stevens, president and CEO of MBA. ‘The CFPB Supervision and Examination Manual is over nine hundred pages long and covers thousands of pages of regulations. The MBA Compliance Essentials program will be a much needed resource to companies that must build compliance management systems to comply with these new regulations.’