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.