Multi-State Mortgage Committee Releases 2011 Annual Report to State Regulators


Washington, D.C. – August 21, 2012 – (RealEstateRama) — The Multi-State Mortgage Committee (MMC) released the 2011 annual report to state regulators highlighting accomplishments of 2011 and outlook for 2012.

The MMC was created in 2008 by state financial regulators through the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR).  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 and report to the boards of CSBS and AARMR.

In 2011, the MMC successfully completed many initiatives, including:
• Implementation of a Limited Scope Electronic (LSE) examination process to increase examination efficiencies;
• Participated in the unprecedented state-federal mortgage servicer settlement;
• Submitted a white paper to the Consumer Financial Protection Bureau (CFPB) on the differences between the Real Estate Settlement Procedures Act and the Truth in Lending Act to assist the CFPB address discrepancies between the two laws;
• Developed State Non-Depository Examiner Guidelines for the Regulation Z Loan Originator Compensation Rule to provide a process for both state regulators and the industry to conduct compliance reviews under the new rule; and
• Published the Mortgage Examination Manual.

Throughout 2012 and into 2013, the MMC will continue to coordinate examinations, refine regulatory protocols and processes, and create more streamlined supervision to fulfill the requirements of the state regulatory system, while reducing undue burden on the mortgage industry.

“The MMC continues to work toward a seamless and less burdensome examination process through the use of technology and enhanced communication processes among the state regulators,” said Charlie Fields, Chairman of the MMC and Director of Non-Depository Entities of the North Carolina Office of the Commissioner of Banks.  “The MMC is committed to raising the bar for examinations of multi-state mortgage companies and will continue to strive to create tools and issue guidelines to increase the technical proficiency of examiners.”

The report can be seen in its entirety here.

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Media Contacts: 

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 U.S. Virgin Islands. State banking regulators supervise approximately 5,400 state-chartered financial institutions. Further, the majority of state banking departments also regulates 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.

The Multi-State Mortgage Committee (MMC) was created by state financial regulators—through the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR)—to coordinate examination and supervision of those mortgage lenders and brokers operating in more than one state.  The MMC was formed in 2008 as a result of the states’ desire to improve the coordination, sophistication and efficiency of state regulatory mortgage examinations.  The committee is made up of 10 members elected by the Boards of CSBS and AARMR.  The MMC reports to both Boards.

American Association of Residential Mortgage Regulators
1025 Thomas Jefferson Street, NW, Suite 500 East, Washington, DC, 20007

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