AffirmX’s current services focus on compliance aspects or those compliance regulations generally covered by the CFPB. These could include the following lending related regulations:
Regulation B: Equal Credit Opportunity
Regulation C: Home Mortgage Disclosure
Regulation F: Fair Debt Collection Practices Act
Regulation G: S.A.F.E. Mortgage Licensing Act – Federal Registration of Residential Mortgage Loan Originators
Regulation H: S.A.F.E. Mortgage Licensing Act – State Compliance and Bureau Registration System
Regulation M: Consumer Leasing
Regulation N: Mortgage Acts and Practices-Advertising
Regulation O: Mortgage Assistance Relief Services
Regulation P: Privacy of Consumer Financial Information
Regulation V: Fair Credit Reporting
Regulation X: Real Estate Settlement Procedures Act
Regulation Z: Truth in Lending
Other regulations of interest not covered directly by CFPB, but still having impact, would include Flood Insurance and Bank Secrecy Act/OFAC.
As one might expect, a number of the above regulations have limited applicability to commercial lending. However, while commercial lending generally remains outside the scope of many of the above regulations, others have meaningful impact, especially ECOA and Flood Insurance. Historically, commercial lending carried lower compliance risk, but scrutiny of the product segment continues to expand. Moreover, certain types of commercial lending, including multi-family real estate lending and Small Business Administration (SBA) lending, are facing steadily increasing compliance risk factors.
Additionally, AffirmX continues to expand its scope of service beyond compliance and into other programs that are central to commercial lending. This will include Loan Review Services, Allowance for Loan and Lease Loss analysis, concentration analysis and Interest Rate Risk/ALCO analysis. Look for AffirmX’s strong and cost-effective alternative approach to these important services.