Washington, D.C. – March 11, 2013 – (RealEstateRama) — The Multi-State Mortgage Committee (MMC, or the Committee) released today its 2012 annual report highlighting accomplishments of the Committee in 2012.
The MMC spent a considerable amount of time in the mortgage servicing area during 2012. Those efforts helped contribute to the successful culmination of the historic $25 billion National Mortgage Settlement with the five largest mortgage servicers. Through a partnership with state attorneys general, the settlement will help many homeowners remain in their homes and avoid foreclosure through loan modifications.
Other initiatives achieved by the MMC in 2012 include:
• Creation of a collaborative website for examinations;
• Refining the Limited Scope Electronic Examination platform;
• Development of an anti-money laundering examination module;
• Completion of SAFE Examination Guidelines;
• Establishing MMC operating procedures; and
• Formalizing the MMC Information Sharing Protocol with the CFPB.
“The efforts of the MMC over the past year have greatly enhanced and refined our coordinated supervisory efforts over large, multi-state mortgage lenders and servicers,” said Cynthia Begin, President of the American Association of Residential Mortgage Regulators and Chief Risk Officer at the Massachusetts Division of Banks. “Through the increased use of technology and the successful development and testing of a risk-profiling model, state mortgage regulators are now able to effectively risk scope examinations and prioritize our coordinated resources. With such measurable achievements, the MMC has and will continue to enhance the overall system of state mortgage supervision.”
“In 2013 technology will continue to be paramount in coordinating and enabling state mortgage regulators to efficiently and effectively do their work,” said Charlie Fields, Chairman of the MMC and Director of Non-Depository Entities at the North Carolina Office of the Commissioner of Banks. “The MMC will continue to stress the use of technology in the examination process to create a more comprehensive, less burdensome assessment of the mortgage industry.”
The MMC was created in 2008 by state financial regulators through the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators. The MMC is charged with coordinating the examination and supervision of those mortgage lenders and brokers operating in more than one state. The MMC is comprised of 10 members who are elected by the boards of CSBS and AARMR.
The MMC 2012 Annual Report is available here.
# # #
Catherine Woody, Senior Director of Communications, or 202.728.5733
Rockhelle Johnson, Manager of Communications, or 202.407.7156
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 Virgin Islands. State banking regulators supervise over 5,600 state?chartered financial institutions. Further, the majority of state banking departments also regulate a variety of non-bank financial services providers, including mortgage lenders. 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 (a)promote the exchange of information between and among the executives and employees of the various states who are charged with the responsibility, pursuant to the laws of the individual states, for the administration and regulation of residential mortgage lending, servicing and brokering; (b) assist in resolving conflicts of jurisdiction in relation to mortgage lending, servicing, and brokering; (c) promote a better understanding of mortgage regulation; (d) develop model legislation applicable to the administration and regulation of mortgage lending, servicing and brokering; (e) increase the knowledge and ability of those engaged in the administration and enforcement of mortgage regulation and those engaged in mortgage lending, servicing or brokering by organizing and sponsoring lectures, seminars, and training programs and by providing a forum for the exchange of information; and (f) do everything necessary, proper, advisable or convenient for the accomplishment of the Corporation’s purposes and goals.