Regulatory Compliance and Responsible Lending
The mortgage industry is closely scrutinized to ensure fair lending practices are extended to every borrower. Current regulatory measures are being administered to identify the practice of predatory lending, which drains the wealth of families, destroys the benefits of home ownership, and often leads to foreclosure. The Center for Responsible Lending estimates that predatory mortgage lending costs Americans more than $9.1 billion each year.

Most abusive lending takes place in the sub-prime market, targeting people with weak or blemished credit records. A typical predatory mortgage is a refinance of an existing loan that is packed with excessive or unnecessary fees and provides no tangible benefit to the borrower. Unfortunately, many of these loans are perfectly legal, and too often are targeted at some of our most vulnerable citizens. CMG supports public policies that will provide meaningful protection against predatory mortgage lending practices. Through client education and access to practical, affordable mortgage solutions, CMG applies responsible lending practices to benefit our existing and future clients.

The adoption of technology has enabled CMG to identify mortgage lending products that may not be in the client’s best interest, and which may be too costly to recommend as a viable solution.

Identity Protection
Any business that manages customer information must keep control of all the customer information they possess. The Gramm-Leach-Bliley Act requires financial institutions to have reasonable policies and procedures to ensure the security and confidentiality of customer information. The “financial institutions” covered by the Rule include not only lenders and traditional financial institutions, but also companies providing any type of financial products and services to consumers.

While most of the ID theft reported in the news is electronic in nature, the Federal Trade Commission reported the majority, 86%, of ID theft in 2003 was related to paper-records and only 3% was attributed to Internet activity. CMG considers the protection of our client’s identity and financial privacy as our most important service priority. We have adopted policies and work flows that leverage the security of electronic transactions. Whether for documents needing a signature, or for secure transmission of customer information, CMG’s platform leverages the latest technology to ensure a secure financial experience.