Honestly…are you confident that you’re in full compliance with all the new federal regulations?
You’re not that confident?
Well…that’s why we’re here!
Put Arculis on your team…and you’ll no longer lose sleep worrying about federal regulatory compliance.
As you know, because of more stringent rules, banks, credit unions, mortgage originators, and other lenders are now required by law to audit their third-party valuation service providers (TPPs).
Recent federal regulations, largely in the form of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010–along with the Office of the Comptroller of the Currency’s (OCC) Risk Management Guidance on Third Party Relationships, as well as the resulting creation of the Consumer Financial Protection Bureau (CFPB)–have all heightened the level of accountability required of “certain consumer financial services companies and large depository institutions and their affiliates.”
This increased accountability is driven by the CFPB’s mandate to “implement, examine for compliance with, and enforce Federal Consumer Financial Protection Law.” And you can be sure that they’re fulfilling this mandate aggressively.
Under these new regulations, those consumer financial services companies (and large depository institutions and their affiliates) are required to examine–or otherwise audit their third-party services providers (TPPs), in order to confirm both compliance with the letter of the law, but also the quality of the TPP’s operations & procedures. In this category are those firms that provide real estate valuation and consulting services to these regulated entities.
This newly defined audit responsibility is placing an increased burden of accountability on these regulated firms. To meet this accountability, there is a need for specialized expertise to the real estate valuation industry…both to the regulated entities, themselves, as well as to existing third-party audit & accounting firms already in need of this specialized expertise. And that’s exactly what Arculis is here to provide.
We provide the following 5 crucial services for you…
- Clarify your needs…and identify your legal & other responsibilities.
We don’t just understand all of the compliance requirements, we know & understand the residential real estate valuation world intimately. And because of this, we can help you better understand the needs of your business, and identify your specific legal & other responsibilities. But it’s not enough to just understand the requirements…you need to understand the impact of these requirements on your business. At the end of the day, Arculis has the right business expertise to help you be ready for the tough questions…so that you’ll be able to provide the right answers.
- Supervise & streamline the compliance process.
We can supervise & streamline the entire compliance process…including upgrading & enhancing your internal business policies, processes, and procedures so that you’ll be prepared–in advance–for the audits that inevitably will come.
- Conduct the audits of your third-party providers (TPPs).
We can even conduct the required regulatory compliance audits of your third-party valuation service providers.
- Oversee all needed remediation.
And, of course, once such audits uncover the areas of non-compliance…we can oversee all of the needed remediation.
- And, ultimately…keep you in compliance!
The whole point (as well you know) is to keep you compliant—whether it’s with your clients or with your regulators—so that your business can grow unhindered (and without the added costs & delays associated with being unprepared for these mandated new compliance requirements).