DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/1517420
MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 26 March 2024 J O U R N A L FORMER SENIOR U.S. HOUSING OFFICIALS LAUNCH GATE HOUSE COMPLIANCE A group of industry executives led by former U.S. Department of Housing & Urban Development (HUD) Deputy Secretary and Federal Housing Administration (FHA) Com- missioner Brian D. Montgomery has launched a new firm to provide fair lend- ing and other compliance management services to the financial services industry. Gate House Compliance has been established as a subsidiary of Gate House Strategies, an advisory company co-founded in 2021 by Montgomery and four other former HUD official where he also serves as Chairman. "We've put together on one platform a combination of compliance experts and services that we believe is the first of its kind," said Montgomery, a veteran of four presidential administrations both Republican and Democratic. In creating the compliance subsidi- ary, Gate House Strategies partners are joined by other luminaries in financial services and specialists in fair lending and consumer protection law and regu- lation. Michael Waldron is a Founding Partner of Gate House Compliance. As Founder of Compliability Solutions LLC, and former Chief Compliance Officer at Community Loan Servicing LLC (formerly Bayview Loan Servicing LLC), Waldron has more than 25 years of ex- perience helping financial services firms create compliance management systems. The group also is collaborating with Paul Hancock, preeminent civil rights At- torney with K&L Gates, who previously led the U.S. Department of Justice's fair housing and fair lending enforcement program and, in private practice, has represented financial services companies and trade associations in improving compliance and defending lawsuits at all levels of the federal judicial system. "The Gate House Compliance team Industry Update brings together persons with remarkable levels of expertise in financial services, both from experience within government and in the private sector," Hancock said. To provide the new advisory firm with operational and analytical support, Gate House Compliance has formed an alliance with CrossCheck Compliance, a nationwide regulatory compliance and risk management consulting firm. "Gate House Compliance offers compliance risk management services customized to the needs of C-suite executives of financial institutions and their boards of directors, all of whom are increasingly held accountable for compliance failures and deficiencies," CrossCheck Compliance Partner Mi- chael Forester said. Montgomery stated that "recent high-profile government actions against some of the nation's largest financial firms for alleged violations of fair lending, consumer protection, and loan servicing principles have sent a sobering message to industry CEOs and their boards: the buck stops at the top." Waldron added, "Today, government agencies regulating the financial services industry expect C-suites and boards of directors to pay close attention to the letter and spirit of the law. We formed Gate House Compliance to empower decision-makers with the structure and insight that reflects their commitment to compliance and risk mitigation." Gate House Compliance's scope of services include: » Fair lending and servicing assessments » Consumer protection compliance to avoid claims of unfair, deceptive, and abusive acts and practices » Compliance monitoring, targeted reviews, reporting, governance, includ- ing checklists and tools » Risk mitigation strategies, policy, data integrity/analytics, regulatory, legal reporting » Compliance management system reviews » Examination and audit support » Litigation support and legal strategies » Enforcement and consent order support » Intelligence on government policies,