New Industry Association Launched for Mortgage Compliance

Last week marked the launch of a new national organization devoted exclusively to residential mortgage compliance â€" the ""Association of Residential Mortgage Compliance Professionals"":http://www.armcp.org (ARMCP).

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Membership in the non-profit group is free at this time. The association stipulates that members must be industry participants who have an actual practice or institutional responsibilities involving residential mortgage compliance.

Jonathan Foxx is president and managing director of ""Lenders Compliance Group"":http://www.lenderscompliancegroup.com, the New York-based mortgage risk management firm that is sponsoring the founding of ARMCP. According to Foxx, the new association is the ""first and only"" national organization in the United States

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formed to offer discussion panels, educational forums, lectures, regulatory FAQs, and advocacy exclusively for residential mortgage compliance professionals.

""In these demanding times, the mortgage loan origination industry needs competent compliance guidance and expertise in managing the labyrinth of regulatory rules and requirements,"" Foxx said. ""But until now there has been no single organization that responds to the unique interests and specific needs of compliance professionals, giving them the ways and means to review residential mortgage compliance issues among one another.""

Foxx says ARMCP seeks to improve ways to better serve the residential mortgage industry and, where appropriate, advocate its members' viewpoints. He says the goal is to encounter ideas and explore compliance issues, news, guidelines, and banking laws for the benefit of mortgage industry participants and for enhancing communications between members of the mortgage industry, regulators, and consumers.

In a statement to new members, Foxx confirmed that the association will ""reach out to other mortgage industry associations and offer our perspective toward proposed and existing mortgage banking regulations. Virtually every facet of residential mortgage compliance will have a committee to support all the members.""

ARMCP has initially chosen the ""Linked-in venue"":http://www.linkedin.com/groupRegistration?gid=3071274 to facilitate membership.