ISGN CorporationTM (“ISGN”), a leading provider of end-to-end technology solutions and services to the U.S. mortgage industry, announced today it has partnered with TRUPOINT Partners to offer a comprehensive Consumer Financial Protection Bureau (CFPB) Mock AuditTM, ensuring financial institutions and mortgage lenders maintain compliance with the changing regulatory environment, CFPB rules and Fair Lending requirements.
ISGN’s Professional Services group, which assesses compliance and operational risk and provides process optimization and cost reduction strategies, has developed a proprietary risk framework to conduct a mock CFPB audit for financial institutions and mortgage lenders. During the audit, ISGN performs a targeted loan review of potential problem loans identified through TRUPOINT Analytics’ Fair Lending and Home Mortgage Disclosure Act (HMDA) analysis systems.
According to Lisa Weaver, CMB, senior vice president of Mortgage Solutions for ISGN, “This approach provides our clients the ability to conduct a ‘dry run’ to bring out any issues prior to the actual regulatory review.”
TRUPOINT Analytics is a Software-as-a-Service (SaaS)-based comparative analysis platform for financial institutions. TRUPOINT’s revolutionary analysis engine provides the data analytics and lending report insight financial institutions need to understand and mitigate Fair Lending and HMDA risks.
“When left unchecked, Fair Lending and HDMA risk can stall growth, undermine acquisition plans, hinder profitability and damage an organization’s reputation,” said Trey Sullivan, CEO of TRUPOINT. “The collaboration of TRUPOINT’s compliance analytics combined with ISGN’s compliance expertise compounds our ability to offer cost-effective solutions in a difficult area where mistakes can have severe consequences.”
“ISGN is committed to offering innovative technology solutions to assist financial institutions and mortgage lenders in their effort to maintain compliance in today’s complex regulatory environment, and partnering with TRUPOINT to offer a CFPB mock audit further enhances our customer’s compliance capabilities,” said Ritesh Idnani, CEO and vice chairman of ISGN. “Many of our clients find this variable outsourced solution can overcome hurdles in building out capital intense infrastructure.”
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