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If you are an
Independent Mortgage Bank
you must have a
Compliance Management System
This is a CFPB Mandate
Compliance Management Systems
-- A CFPB Mandate --
The CFPB requires all non-depository consumer financial services companies to implement a Compliance Management System as outlined by the CFPB to preserve and validate compliance with all Federal consumer financial law. 
MBS can provide a comprehensive understanding of the CFPB requirements along with essential implementation guidance based on information from the CFPB Examiner’s Guide.
MBS can build your CMS:
  • The Purpose of a CMS
  • What the CFPB expects from mortgage companies
  • Avoid the CMS Trap – Understand the product lifecycle
  • The 5 Primary Goals of a CMS
    • Responsibility,
    • Communication,
    • Policies,
    • Controls,
    • Action
  • The 7 Essential Components:
    • Oversight,
    • Procedures,
    • Training,
    • Monitor,
    • Action,
    • QWR,
    • QC
  • How to implement a CMS – Get it Right the First Time
  • How to customize the CMS to each specific company
  • How to use third parties to help with the CMS
  • How a CMS impacts a CFPB exam. 
  • How to be confident in the proper implementation CMS. How to know you did it Right.
  • Mock CFPB Exam – Test Run an Exam
When all of the components of a CMS are strong and well-coordinated, an independent mortgage bank should be successful at managing its compliance responsibilities and risks.
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