Washington, D.C. – September 5, 2014 – (RealEstateRama) — The Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) announced this week that the Oklahoma Department of Consumer Credit (the Department) has received a certificate of accreditation for mortgage supervision. This accreditation certifies that the Department maintains the highest standards and practices in mortgage supervision set by the CSBS and AARMR Mortgage Accreditation Program.
In announcing the certification, CSBS President and CEO John W. Ryan congratulated Oklahoma Administrator Scott Lesher and his staff for their achievement.
“By receiving this mortgage accreditation, Administrator Lesher and his team have demonstrated their commitment to superior supervision of the residential mortgage industry in Oklahoma,” Ryan said.
“The AARMR/CSBS Accreditation Program identifies mortgage agencies that serve the citizens of their state by operating a capable and professional regulatory program,” said Rod Carnes, AARMR President and Deputy Commissioner of the Georgia Department of Banking and Finance. “Upon completion of a comprehensive review of the Department’s mortgage division and its personnel, the accreditation team determined the Department satisfies these standards, and I’m happy to congratulate Administrator Lesher on his role in heading a superior Department,” Carnes said.
“Attaining accredited mortgage regulator status from CSBS and AARMR is a milestone event for the Department of Consumer Credit,” said Oklahoma Administrator, Scott Lesher. “I am thankful to the Commission on Consumer Credit for their support and commitment of resources that were necessary for the Department to achieve accreditation,” stated Lesher. “I appreciate the assistance of the Oklahoma Legislature and Governor Mary Fallin for supporting legislation that was essential for the Department to become an accredited mortgage regulator,” stated Lesher. “I am also extremely proud of my staff for their work. Accreditation would not have been possible without their dedication,” said Lesher.
To achieve mortgage accreditation, state agencies must undergo a voluntary comprehensive review of the CSBS and AARMR accreditation team. The accreditation process begins with the completion of an extensive self-evaluation questionnaire on all department operations, including administration and finance, personnel, training, examination, supervision, and legislative powers. An external review team comprised of veteran state regulators then performs an on-site review and presents its findings to an audit team and to the Performance Standards Committee. The members then vote on the reports of the review team and the audit team.
More information on the mortgage accreditation program is available here.
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The Conference of State Bank Supervisors (CSBS) is the nationwide organization of banking regulators from all 50 states, the District of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands. State banking regulators supervise almost 5,200 state?chartered financial institutions. Further, most state banking departments also regulate a variety of non-bank financial services providers, including mortgage providers. For more than a century, CSBS has given state supervisors a national forum to coordinate supervision of their regulated entities and to develop regulatory policy. CSBS also provides training to state banking and financial regulators and represents its members before Congress and the federal financial regulatory agencies.
The American Association of Residential Mortgage Regulators (AARMR) is the national organization representing state residential mortgage regulators. AARMR’s mission is to promote the exchange of information and education concerning the licensing, supervision and regulation of the residential mortgage industry, to ensure the ability of state mortgage regulators to provide effective mortgage supervision for a safe and sound industry meeting the needs of the local financial markets and to protect the rights of consumers.