Weiner Brodsky Kider PC and Newbold Advisors LLC Announce Their Partnership in Offering a CFPB Examination Readiness Program

Newbold Advisors LLC Retained as Consultant to Assist with Loan and Process Review

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Sep 19, 2016, 10:21 ET

WASHINGTON, Sept. 19, 2016 /PRNewswire/ -- Weiner Brodsky Kider PC (WBK), a national law firm focused on compliance, regulatory, transactional and litigation legal services for financial services companies, announced today it has retained Newbold Advisors, LLC (Newbold) to assist in its program to help mortgage originators and servicers prepare for Consumer Financial Protection Bureau (CFPB) examinations. Newbold is a national consulting and professional services company that focuses on the mortgage and financial services industry.

The Examination Readiness program is designed to:

Simulate CFPB examinations of origination and/or servicing operations to measure an institution's ability to detect, prevent and correct practices that may violate CFPB-governed statutes and regulations.
Identify potential problem areas and assist in devising corrective strategies.
Organize and prepare all documents that may be required by the CFPB in an effort to accelerate the audit process and mitigate associated costs.

During the mock exam, WBK will conduct pre-visit data reviews and analysis, examine the company's business model, organizational structure, key documents, and internal policies and procedures. Previous regulatory enforcement actions and consumer complaints will also be reviewed. This will be followed by onsite reviews and interviews with staff members, departmental managers and corporate executives. Program deliverables will include a final report drafted by WBK that includes implementation strategies to address process shortcomings and strategies to address possible concerns that may be raised by CFPB examiners. Newbold will assist WBK in the process, with an emphasis on loan file data reviews.

"Legal and regulatory compliance has to be the number one priority for any financial institution," said Mitch Kider, chairman and managing partner at WBK. "Since the CFPB's inception, WBK has assisted more than 35 companies with mock CFPB examinations. Our program has helped banks and mortgage companies identify and correct issues in advance of CFPB audits. This program builds on our collective mortgage expertise and the respective strengths of our two firms: operations and consulting, which is what Newbold is known for; and WBK's expertise in compliance and regulatory matters."

Jason Bohrer, partner and president at Newbold, added, "Reviewing critical policies, procedures, and actual loan file content in advance of a regulatory audit can vastly improve an organization's odds of a successful outcome with fewer findings. Performing a mock exam in advance of a real exam identifies controls that may be lacking or in need of improvement. Your organization then has time to remediate any issues that are identified prior to the regulators coming onsite."

About Weiner Brodsky Kider PC
Weiner Brodsky Kider PC is a national law firm focused on compliance, regulatory, transactional and litigation matters related to financial institutions in the mortgage banking arena. WBK represents a broad client base from national and state chartered banks to start-up businesses and Fortune 500 companies, throughout the United States.

For more information, go to www.thewbkfirm.com

About Newbold Advisors, LLC
Newbold Advisors, LLC is a consulting and professional services company serving institutional clients in the private and public sectors. The firm's mission is to deploy qualified people at competitive rates to achieve tangible results. Our goal is to earn every client's trust by delivering results with integrity. Experience. Applied.

Additional information is available at www.NewboldAdvisors.com

SOURCE Weiner Brodsky Kider PC