Mortgage advocacy group launches compliance system aimed at small shops

by Ryan Smith23 Jan 2014
Increasing regulatory requirements in a post-QM environment have made good compliance practices more important than ever. Most compliance systems, however, are designed with larger mortgage companies in mind. That’s where Bill Kidwell comes in.
Kidwell, president of Impact Mortgage Management Advocacy and Advisory Group, recently announced the launch of a compliance system designed specifically for smaller shops.
“The focus of the program is to try to serve the 12,200-plus companies that aren’t getting real attention from the (CFPB),” Kidwell said. “There’s stuff coming out, but it’s all focused on the larger companies – and by ‘larger companies,’ I don’t mean huge; I mean companies with more than 10 people. Nobody’s looking at the 12,000 companies with fewer than 10 people. … What I’m trying to do is put together a reference platform that allows even the smallest company to know that they’ve nailed down all four corners of compliance – documentation, education, retention and monitoring.”
Kidwell said IMMAAG’s is intended to provide powerful compliance tools specifically tailored and priced for smaller businesses.
“It’s an originator’s regulatory reference guide that’s intended to facilitate up to a 10-man shop, so they’re able to have a robust compliance system that doesn’t eat up all their revenue,” he said.
“ comes with four hours of prepaid legal contact if you feel you need to talk to a lawyer,” Kidwell added. “It comes with expert information for originators.” In addition, the system will provide reference tools on government regulations, continual regulatory updates, and ongoing training, as well as access to required annual continuing education.
Kidwell said that IMMAAG would also be using as an interactive tool to gather opinions from originators to share with lawmakers and regulators.
“Ninety percent of the companies that distribute residential mortgage loans are in this population, and we’re going to be handling their questions,” Kidwell said. “We’re going to be sharing with the CFPB, straight from the industry, the kind of things the industry thinks aren’t coming together.”


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