tag:blogger.com,1999:blog-2951729905080621137.post3084924668199040933..comments2024-01-28T03:46:02.683-05:00Comments on Mortgage News Digest: A Wave of Compliance Manager Duties Crashing Down On You?Thomas Morgan 202-550-LOANhttp://www.blogger.com/profile/03341328785507458855noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-2951729905080621137.post-89695159488207843792013-06-17T09:53:12.917-04:002013-06-17T09:53:12.917-04:00Adding disaster recovery plan review annually as a...Adding disaster recovery plan review annually as a compliance manager duty. <br /><br />I'm finding that Vendor Management is the biggest concern for compliance officers - far more so than the actual regulatory compliance officers. In the Vendor Management plan we have drafted, we do include that disaster recovery is a requirement for the vendor at approval and annually. Thomas Morgan 202-550-LOANhttps://www.blogger.com/profile/03341328785507458855noreply@blogger.comtag:blogger.com,1999:blog-2951729905080621137.post-43984354316211157192013-06-15T11:40:10.278-04:002013-06-15T11:40:10.278-04:00Perfect. So I need to add a section for Continuin...Perfect. So I need to add a section for Continuing Training for the compliance manager. You mentioned AML, which I was aware of. How often do you think? FINCEN says semi-annually, wo that is a good benchmark. What about other training, like Fair Lending enforcement? <br /><br />Great comment Larry!Thomas Morgan 202-550-LOANhttps://www.blogger.com/profile/03341328785507458855noreply@blogger.comtag:blogger.com,1999:blog-2951729905080621137.post-19136728978630616692013-06-15T10:17:17.729-04:002013-06-15T10:17:17.729-04:00Besides over-seeing the initial and ongoing AML tr...Besides over-seeing the initial and ongoing AML training for employees, most AML policy manuals require the AML Compliance Officer to additionally take advanced or specialized training (online, seminar, etc) annually, to keep up-to-date on AML issues.Larry Schneiderhttp://www.eacompliance.comnoreply@blogger.comtag:blogger.com,1999:blog-2951729905080621137.post-35547922656543259702013-06-15T09:21:38.460-04:002013-06-15T09:21:38.460-04:00That's an excellent point - where do the compl...That's an excellent point - where do the compliance manager's responsibilities with respect to quality control begin and where do they overlap with the Quality Control manager's responsibilities?<br /><br />I see them as two functions operating separately but in coordination. The Regulatory Compliance Manager has a responsibility for insuring that all of the compliance elements (disclosures, tolerances) have been addressed in the QC process. We have compliance sections in each of the Quality Control Audit rubrics (Pre-Funding, Post-Closing, Annual and Servicing). <br /><br />Maybe there needs to be a more specific reference to these functions within Compliance Management? Excellent feedback!Thomas Morgan 202-550-LOANhttps://www.blogger.com/profile/03341328785507458855noreply@blogger.comtag:blogger.com,1999:blog-2951729905080621137.post-69986875506768477842013-06-14T23:30:08.986-04:002013-06-14T23:30:08.986-04:00There has not been a mention of PFQC or the newest...There has not been a mention of PFQC or the newest guidelines from FNMA about post closing auditsAnonymousnoreply@blogger.com