Brooks Systems to Participate in Freddie Mac/ABA Alliance
June 12, 2007
New London, Conn. -- The Freddie Mac Alliance has chosen Brooks Systems to provide compliance by way of technology and consulting services to members of the American Bankers Association through the Freddie Mac/ABA Alliance. Specifically, Brooks Systems will help alliance members to comply with the myriad of state anti-predatory and other lending statutes to help ensure loan accuracy and compliance while minimizing a lender's risk.
This is important as last year alone, non-compliant loan portfolios resulted in multi-million dollar fines throughout the mortgage industry. Along with receiving special incentives, ABA members can feel secure that their mortgage valuation and compliance matters are being addressed properly when they call 866-932-2252 x105 or email Brooks Systems.
The mortgage industry has been inundated with non-traditional and high-risk products that are extremely difficult to assess using traditional compliance-checking tools and methods. This has resulted in inaccurate valuation of a high majority of loans, thereby creating significant financial exposure for even the most sophisticated lenders LLC.
"At Brooks Systems, we've developed proprietary tools and approaches that make it far easier to check compliance and eliminate unnecessary financial risks. We're pleased to offer our expertise to the members of the ABA/Freddie Mac Alliance."
The Complexity of Compliance
With higher interest rates and lower loan volumes, the mortgage industry has become more aggressive than ever in developing new loan types. In turn, compliance has become increasingly difficult for mortgage lenders. As complexity increases for lenders, federal and state governments have become much more active in their scrutiny of loan portfolios through predatory lending checks.
Source: ABA
Contact ALTA at 202-296-3671 or [email protected].