Now We'll Take a Few Questions...
Here are some of the most frequently asked questions... and their answers.
What is The Compliance Shop?
We are going to help mitigate your risk in an ever-changing industry. The Compliance Shop is going to provide you with a Compliance Management System (CMS). We will provide you with not only a quality control plan that meets federal and state guidelines, but we are going to provide compliance training for your entire staff.
Are you a legal firm?
No. While The Compliance Shop LLC is not a legal firm, we employ attorneys to review your Compliance Management System and to continuously interpret the updates from CFBP and Dodd-Frank.
Does the CFBP actually require a Compliance Officer be on our staff?
Yes. Under Dodd-Frank and the CFPB you must have a Compliance Officer as a member of your staff. It can be an owner, a processor, or even a loan officer -- but someone must be a designated Compliance Officer for your organization. The "good" news is, we will train this individual for you.
Do you continuously update my quality control plan?
Yes. As a client of The Compliance Shop, we are going to constantly monitor the CFPB and any other federal agencies that may change or update their regulations. When regulations do change -- and we all know they will -- we will immediately update your QC policy. In addition, we will notify your Compliance Officer to go over the changes and discuss how they will affect your business. You'll never have to worry again if your quality control plan is up to date.
Do you provide a guarantee?
While we can guarantee you will have the most up-to-date compliance training, we can't guarantee you will implement every aspect of your CMS 24/7. In order for compliance to be guaranteed, you would need to hire a full-time Compliance Officer; they start at $60,000 annual salary. What we can guarantee is the information we provide is accurate, up-to-date, and meets or exceeds federal guidelines. With that being said, we are willing to guarantee this information and refund your fees paid to The Compliance Shop LLC in the extremely rare case you are imposed a fine.
Does The Compliance Shop LLC report to HUD, Savings and Loan, CFPB, Fannie Mae, or Freddie Mac?
No, we do not report to any agency. After any audit, we send you a management report with detailed findings, and it is your responsibility to take any necessary actions.
How do I get started or learn more?
Once we receive a completed client agreement and client questionnaire from you, we can start the CMS process. To get started, or if you have additional questions, fill out the form above or give us a call at 214-551-5578.
How do I sign up for your free newsletter, The Compliance Shop's Monthly Compliance Update?
Simply fill out this form, and check the box next to "Send me your monthly newsletter.” It's that easy!