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Sandra L. McGrath, CRCM* & President, began Compliance Management Associates, Inc. (CMA) in 1991, in response to an identified need for more internal supervision over the highly specialized field of bank compliance. Following seventeen years of combined experience as a former banking regulator with the Office of the Comptroller of Currency in New York City, and Vice President of a large commercial bank, it became apparent that many banking institutions and mortgage bankers did not have adequate resources to properly address the compliance issues that impact their daily operations. Through outsourcing the compliance review function to companies such as CMA, client banks and mortgage companies now have access to highly knowledgeable compliance professionals, keeping them informed regarding regulatory changes as they occur and testing their systems periodically, to ensure continued compliance. Although the initial focus was on smaller institutions, clientele quickly grew and CMA now provides its services to a variety of institutions of all sizes.
Since its inception, CMA has aided numerous banking institutions and mortgage bankers in developing strong compliance programs. This goal has been accomplished primarily through ongoing compliance training and periodic audits. For the banking industry, services also include an annual review and assessment of a client’s Community Reinvestment Act (CRA) efforts.
LEX Edge – The Lenders Exchange was developed by Sandra L. McGrath, in response to a need voiced by client banks in their struggle to comply with CRA lending requirements, on an ongoing basis. Additionally, several mortgage-banking clients indicated a need for more outlets through which they could sell the loans they originate. Prior to LEX Edge these partnerships were formed largely by word of mouth.
In an effort to address this challenge, LEX Edge was born. LEX Edge provides a secure environment through which banks can shop for loans within specific markets for purchase from mortgage bankers or other banking institutions. At the same time, it provides mortgage originators with an extensive network through which it can sell any variety of loan products. Bankers may use LEX Edge initially to complement their CRA efforts. However in time, I anticipate that it will be used more widely, to realign existing loan portfolios or to enter entirely new loan markets. Loans can be purchased individually or in “loan pools,” depending on the need or a desired outcome.
As our network of subscribers increases, so will your opportunities. So, spread the word. Additionally as we grow, we will continue to improve and expand our Useful Links, and FAQs and Tools sections of the website, to expedite the process for all participants.
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