Former officials from multiple housing-oriented agencies and
companies have joined together to create a new firm offering financial services
and specialists in fair lending, consumer protection law, and regulation to its
clients. Gate House Compliance, a subsidiary of Gate House Strategies, will
serve clients across multiple asset classes in financial services, including
mortgage, student loan, credit card, and other secured/unsecured credit
products, the company stated.
“We’ve put together on one platform a combination of
compliance experts and services that we believe is the first of its kind,” Brian
Montgomery, former Department of Housing and Urban Development (HUD) deputy
secretary, Federal Housing Administration (FHA) commissioner, and
co-founder/chairman for Gate House Strategies, said in a release.
Another founding partner of Gate House Compliance is Michael
Waldron. Waldron also founded Compliability Solutions, LLC and was a chief
compliance officer at Community Loan Servicing, LLC, formerly known as Bayview
Loan Servicing. He brings more than 25 years of experience to the new advisory firm.
Paul Hancock, K&L Gates civil rights attorney, is also
working with Gate House Compliance. Hancock previously led the Department of
Justice’s fair housing and fair lending enforcement program and has experience
in the private sector representing financial services companies and trade
associations. In these roles, Hancock assisted in improving compliance and
defended lawsuits at all levels of the federal judicial system.
“The Gate House Compliance team brings together persons with
remarkable levels of expertise in financial services, both from experience
within government and in the private sector,” Hancock said.
Gate House Compliance and CrossCheck Compliance, a
nationwide regulatory compliance and risk management consulting firm, have
allied to provide the former operational and analytical support. CrossCheck
Compliance Partner Michael Forester said Gate House Compliance offers
compliance risk management services customized to the needs of C-suite
executives of financial institutions and their boards of directors.
“Today government agencies regulating the financial services
industry expect C-suites and boards of directors to pay close attention to the
letter and spirit of the law,” Waldron said. “We formed Gate House Compliance
to empower decision makers with the structure and insight that reflects their
commitment to compliance and risk mitigation.”
Gate House Compliance offers:
·
Fair lending and servicing assessments.
·
Consumer protection compliance to avoid claims
of unfair, deceptive and abusive acts and practices.
·
Compliance monitoring, targeted reviews,
reporting, governance, including checklists and tools.
·
Risk mitigation strategies, policy, data
integrity/analytics, regulatory, legal reporting.
·
Compliance management system reviews.
·
Examination and audit support.
·
Litigation support and legal strategies.
·
Enforcement and consent order support.
·
Intelligence on government policies, actions,
examinations, conflicts, and industry trends.
·
Equity, discrimination, deceptive advertising,
credit access, offerings, redlining, pricing reviews.
·
Guidance on black box modeling, algorithms, and
artificial intelligence.
The firm also developed a new management system, Gate House
Compliance 365. The offering provides lenders, on a subscription basis, a
comprehensive approach for helping senior executives and board members navigate
the increased scrutiny and risks they face from the array of today’s fair
lending rules and regulations.
“The ‘365’ in the name refers to the ongoing and
comprehensive nature of the system’s support, even daily, if necessary, that
the new firm will provide from our team of senior financial services executives
and former regulators,” Montgomery explained.
“Our collective team possesses the experience and knowledge
needed to deliver results for lenders in their compliance ecosystem,” he added.
“Gate House Compliance offers all the tools and services required to provide
clients with a strategic process and review regimen that will mitigate
regulatory risk.”
Other team members at Gate House Compliance include Liz
Scholz as senior advisor in compliance, risk, and client strategies, and Jack
Bobbitt as support for the firm’s operations. Scholz held an executive role
with the Federal Housing Finance Agency for 12 years, leading activities in
examination, regulatory policy, and board monitoring of the government
sponsored enterprises.
Bobbitt brings decades of experience in sales, marketing,
operations management, and business development to Gate House Compliance from
his previous work as assistant secretary for administration at HUD.
Other partners in Gate House Compliance includes Gate House
Strategy partners and more former HUD and other housing organization officials:
Hunter Kurtz, former assistant secretary for public and Indian housing; Dror
Oppenheimer, a 30-year veteran of Fannie Mae; Keith Becker, a 26-year veteran
of Freddie Mac; and Michael Marshall, former acting assistant secretary for policy
development and research.