National Compliance Firm issues Artificial Intelligence Policy Program for Mortgage Banking

MERRICK, N.Y. - EntSun -- Lenders Compliance Group®, the first full-service mortgage compliance firm in the United States, announces the issuance of the Artificial Intelligence Policy Program for Mortgage Banking.

While there are myriad standards and Best Practices to help organizations mitigate the risks of traditional software or information-based systems, the risks posed by AI systems are in many ways unique.

Without proper controls, AI systems can amplify, perpetuate, or exacerbate inequitable or undesirable outcomes for individuals and communities. With appropriate controls, AI systems can mitigate and manage inequitable outcomes.

Jonathan Foxx, the Chairman of Lenders Compliance Group, told mortgage industry media that LCG had researched and drafted these AI policies and procedures over the past 6 months.

In his written statement to the press, Mr. Foxx stated: "We are the very first regulatory compliance firm to provide a cost-effective, broad program devoted to the implementation of artificial intelligence by mortgage banking entities. Our policies are continually updated and maintained in response to rapidly changing AI technologies and their impact on originating and servicing residential mortgage loans."

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The Artificial Intelligence Policy Program for Mortgage Banking consists of the following core documents:

1.       ARTIFICIAL INTELLIGENCE POLICY PROGRAM – OVERVIEW

2.       ARTIFICIAL INTELLIGENCE POLICY – FOUNDATIONAL GUIDELINES

3.       ARTIFICIAL INTELLIGENCE WORKPLACE POLICY

4.       ARTIFICIAL INTELLIGENCE CREDIT UNDERWRITING POLICY

5.       ARTIFICIAL INTELLIGENCE – DO & DO NOT POLICY

6.       ARTIFICIAL INTELLIGENCE – ETHICS POLICY

A demonstration conducted by Vivienne Ross, CRCM, Projects Coordinator and Client Relations Manager, discussed the unique features of the Policy Program, designed to work with mortgage banking institutions. Ms. Ross said, "Our Compliance Managers review the policies with clients as stand-alone documents. However, a consolidated version is available. What is really important is that we aim to align the text with our clients' compliance and operational needs. Plus, we maintain the Policy Program for 12 months at no additional fee."

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Regulatory Compliance

The Artificial Intelligence Policy Program for Mortgage Banking meets regulatory scrutiny, as follows:

• Second Line of Defense
• Purpose: Compliance Functions, Self-Evaluation, Risk Assessment
• Process: Policy, Procedures, Internal Controls, Risk Monitoring, Governance

Lenders Compliance Group® provides a dedicated request form for presentation material HERE.

For more information, please visit our Compliance Solutions webpage HERE.

LENDERS COMPLIANCE GROUP® is the first and only full-service, mortgage risk management firm in the United States, specializing exclusively in regulatory compliance for banks and nonbanks, and offering the largest suite of compliance support services in residential mortgage banking.