Nationwide Appraisal Network Far Exceeds CFPB Requirements for Third-Party Compliance.
Firm’s approach is a ‘model’ for ensuring clients comply with tough, new rules and regulatory scrutiny
Tampa, Fla., Jan. 2014–Nationwide Appraisal Network, a leading appraisal management company, has passed with flying colors an audit of its compliance policies and procedures that was performed by an independent third-party. Under Consumer Financial Protection Bureau rules, lenders are required to retain a third-party to audit how well their vendors are complying with regulations. The audit was performed on behalf of a midsized lender that uses Nationwide Appraisal Network’s services and sought to comply with CFPB’s regulations.
“Having reviewed and scrutinized our compliance report, read our policy manual, interviewed staff, shadowed staff, and interviewed my partner and me, an independent third-party concluded that we were doing everything right and that our approach could serve as a model for the mortgage industry,” said Joni Pilgrim, Co-Founder and Director of Sales and Marketing for the award winning Nationwide. “Moreover, they considered our compliance manual to be well written and clear about how compliance worked within our firm.”
Nationwide Appraisal Network began preparing for the new compliance rules well in advance of when the regulations would take effect—and that required the input of 15 senior executives from across ever area of the business.
“As a result, the firm was able to produce a compliance manual the auditors considered clear, concise, and accurate,” said Cari Burris, Co-Founder and Director of Operations and Finance for Nationwide Appraisal Network. “To be sure, compliance is central to our corporate culture and that‘s one of the major reasons we performed well on the audit. Our employees understand compliance because they have been well trained and understand that it’s of critical importance to clients and to our firm.”