Compliance and Licensing for Mortgage Brokers and Bankers
AGMB has a staff of attorneys with extensive experience in representing its clients in all aspects of compliance, licensing and regulatory issues. AGMB represents and provides guidance to many mortgage banks, mortgage brokers and federal and state chartered banks on the vast array of laws and regulations which affect their businesses. In particular, AGMB advises and assists its clients in developing procedures to meet the requirements of the Truth in Lending Act, RESPA, Equal Credit Opportunity Act, Loan Officer Compensation, Fair Credit Reporting Act, Home Mortgage Disclosure Act, FHA Regulations, SAFE Act, HOEPA and various other federal and state laws.
AGMB also interacts with regulators, such as the New York Department of Financial Services, to assist its clients on a variety of matters such as new banker licenses, broker registrations, loan originator licensing, change of control applications, address changes, d/b/a’s and name changes.
AGMB attorneys are frequent speakers at on compliance related topics and various mortgage industry and association meetings.
In addition to its attorneys, Jonathan Foxx, the President and Managing Director of Lenders Compliance Group, serves as Principal Advisor to AGMB’s mortgage compliance practice.
Loan Document Preparation
AGMB has a fully staffed and experienced loan document preparation department that prepares all types of mortgage loan documents (purchases, refinances, FHA,VA, conventional, etc.) for several national lenders. Our staff is well versed in drawing state and federally compliant loan packages thereby insuring that the loan documents are compliant with all regulatory guidelines and secondary mortgage market requirements.AGMB has software interfaces for most mortgage loan origination systems thereby making the transfer of information between a lender and AGMB seamless and efficient.
AGMB specializes in the representation of lenders which participate in all aspects of residential loan transactions. AGMB’s client base includes many established mortgage brokers, mortgage bankers as well as the majority of retail lenders.AGMB has experience in closing virtually every type of conventional, non-conventional and government sponsored mortgage product in the varied residential lending arena.These include mortgages secured by condominiums and one to four family houses and loans secured by cooperative apartment shares and proprietary leases.AGMB has further expertise in all phases of the preparation, closing and shipping of less frequently utilized loan programs, such as FHA, SONYMA and VA loans.
AGMB’s loan-related responsibilities include title review and clearance, acting as the liaison between the lending institution and all third parties to the transaction, preparation and review of closing documents relevant to cooperative, condominium and single-family residential borrowers, attendance at the closing of the loan and post-closing delivery of the loan package to our lender partners.
What particularly sets AGMB’s residential loan practice apart:
Our Personal Service
We appreciate that our loan partners prefer human interaction to voice mail so every effort is made to personally respond to incoming calls.We have also established an escalation process to handle calls and electronic communications within our loan teams.
Our Attention to Detail
Our meticulous, documented process, consistent and uniform execution of our client’s loan packages and our ability to adapt to our client’s specific needs enables us to guarantee loan packages are processed as quickly, productively and efficiently as possible.
Our Team Structure
This guarantees that the clients’ file is handled efficiently and that the details are known by each member of the team.
Constant And Up To The Minute Updates
Our legal professionals provide to our clients consistently superior information flow results through our proven and documented workflow methodology. Our state of the art hardware and software technology ensures all loan packages are readily available and safeguarded throughout the loan process, scanned and archived at closing and made digitally available for future reference.
AGMB represents a number of lenders in connection with “Pay-Off Closings.” Lenders entrust AGMB with original loan collateral which AGMB exchanges for “pay-off ” funds.
AGMB assists lenders in reconstructing missing original collateral in co-op loan packages as well as reinstating inadvertently satisfied mortgages.