Clayton Holdings and Maddin Hauser Partner for CFPB Readiness Assessment Program
CLAYTON HOLDINGS AND MADDIN HAUSER PARTNER FOR CFPB READINESS ASSESSMENT PROGRAM
Strategic Partnership Will Help Prepare Servicers for Upcoming Examinations
Due to the rapidly changing mortgage servicing environment, including the CFPB’s release of its final rules for mortgage servicers in mid-January, mortgage servicers are confronting, and will continue to face, growing legal and operational challenges. The CFPB is aggressively enforcing existing law, and by 2014 the agency will seek to enforce new and more stringent rules through examinations that will evaluate both compliance with the letter of the law as well as the quality of the servicer’s operational systems, internal processes and procedures. Given the dual focus of the exams Clayton and Maddin Hauser have created a group that combines regulatory and operational expertise to help servicers prepare for them.
• Use the assessment to help servicers prepare for CFPB examinations by evaluating and improving operational deficiencies that have been identified in their servicing platforms prior to the imposition of fines or other enforcement actions.
Maddin Hauser, a law firm headquartered in metropolitan Detroit, provides real estate and banking related legal services to local and national lending institutions, residential mortgage servicers doing business throughout the United States, title insurers, private lenders, and investors in a wide variety of areas including regulatory compliance, licensing, joint ventures, affiliated business arrangements, warehouse lines of credit, acquisitions, commercial lending, mortgage and title litigation, loan workout, mezzanine financing, and private equity syndications.
Clayton Holdings, headquartered in Shelton, Connecticut, provides information and services that financial institutions, investors and government entities use to evaluate, acquire, securitize, service and monitor loans and asset-backed securities. Clayton offerings include risk-based analytics, residential and commercial loan due diligence, consulting, surveillance and staffing solutions. The company provides customized commercial special servicing solutions through its Quantum Servicing subsidiary and REO management, BPOs and a short sale program through its Green River Capital subsidiary. A global reach in the financial services industry is provided by the company’s European subsidiary, Clayton EuroRisk.