ISGN CorporationTM (“ISGN”), a leading provider of end-to-end technology solutions and services to the U.S. mortgage industry, announced today that it is a finalist for Mortgage Technology magazine's "Release of the Year" Award for its new CFPB Mock AuditTM, which helps ensure financial institutions and mortgage lenders maintain compliance with the changing regulatory environment, CFPB rules and Fair Lending requirements.
The 14th Annual Mortgage Technology Awards showcase innovative technology developers and users that are promoting more efficient and cost-effective lending practices. Its “Release of the Year" Award recognizes a new software, platform, alliance or initiative that is expected to have the broadest future impact on the mortgage industry. The winners will be revealed at the Mortgage Technology Awards ceremony on Sunday, Oct. 27, held in conjunction with the Mortgage Bankers Association (MBA) Annual Convention & Expo in Washington, D.C.
“The vendors, lenders and servicers selected as this year's finalists all aspire to enhance mortgage finance through the use of technology,” said Austin Kilgore, managing editor of Mortgage Technology. “Recognizing their efforts is what makes the Mortgage Technology Awards the premier mark of distinction for technological excellence in the mortgage industry.”
ISGN's Professional Services group, which assesses compliance and operational risk and provides process optimization and cost reduction strategies, developed a proprietary risk framework to conduct a mock CFPB audit for financial institutions and mortgage lenders. The CFPB Mock Audit is a comprehensive, cost-effective solution that immediately brings out any issues prior to the actual regulatory review. When left unchecked, Fair Lending and Home Mortgage Disclosure Act (HMDA) risk can stall growth, undermine acquisition plans, hinder profitability and damage a lender’s reputation. By leveraging ISGN’s CFPB Mock Audit, lenders will eliminate these severe consequences by ensuring compliance with the changing regulatory environment, as well as better prepare for future changes.
“With the finalization of the CFPB rules approaching in 2014, many lenders are looking for guidance in navigating the swirl of new regulations that burden even the strongest compliance teams,” said Paul Imura, CMO of ISGN. “We are committed to assisting our mortgage lender customers in maintaining compliance and we believe our new CFPB mock audit further ensures their ability to do so. ISGN is honored to be recognized for this commitment and among some of the most prestigious leaders who are helping to shape the future mortgage industry.”
“ISGN aims to focus heavily on technology led innovation and a continued dedication to supporting the challenges faced by the mortgage market today and in the future,” said Amit Kothiyal, CEO of ISGN. “Over the last year, we have invested in significantly enriching our industry expertise to enhance our existing products and create new ones. We have also formed strategic partnerships to drive creativity and ensure we have the right components in place to optimize technology and services to produce industry cost savings and efficiencies. Being named a finalist for this year’s Mortgage Technology award is a testament to those efforts and validates our strategic approach.”