VPCS provides compliance audit services to clients. These services include initial audit of the compliance function to determine deficiancies. Services also include periodic audits of specific areas of compliance such as AML, Fair Lending, UDAAP and more.
An initial audit of a lender typically involves four phases which include:
I. Audit Lending and Operational Practices which includes a review of all policies and procedures, training, and compliance oversight.
II. Analyze Audit Findings
III. Produce a Recommended GAP Analysis document that makes recommendations for improvements in the Lender’s compliance practice.
IV. Review GAP Analysis with lender and determine next steps
ONGOING COMPLIANCE MANAGEMENT PROGRAM
The Compliance Management Program will detail the development and ongoing support of a compliance program spearheaded by VPCS on behalf of lender. This program is to include the implementation and management of all required policies and procedures, a complaint management system, quarterly testing of servicing vendors, training of lender employees and all required management, executive, and board level reporting.
Additionally, VPCS can provide training on all applicable policies and procedures to mitigate external audit findings. The lender and its vendors will be trained to monitor and react to non-compliant activities.