Lenders Compliance Group, a mortgage risk management firm, has launched a new website designed to help industry participants share information and discuss all aspects of the financial regulations and reforms resulting from the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The Dodd-Frank Forum website will cover all sixteen applicable titles under the Dodd-Frank Act according to LCG President Jonathon Foxx. He states that the new forum will include links to resources, articles from respected members of various related industries, news updates and an active forum for discussion.
In a post about the "New Era of Mortgage Reform," Foxx discusses the impetus of the Dodd-Frank Act, "The "Wall Street Reform and Consumer Protection Act," known as the “Dodd-Frank Act” (Act), is the federal government’s response to the financial collapse, offering financial reform of the financial system in general, and to the mortgage industry in particular.[2] It has been legislated into law at a time when fear pervades politics and the economic climate continues to worsen, with high unemployment, an eroding tax base, a swelling budget deficit, trillions of dollars in debt, and increasingly compressed corporate profit margins. The Act hopes to provide that salvific safety, certainty, and stability that will calm our fears. But it is legislation that reacts to events past, and it is not necessarily proactive about possible events that may yet transpire. Financial bubbles, after all, exist due to the blindness of market participants, not their foresight."
Foxx encourages participants to the forum to offer knowledge and views to foster understanding and to help navigate the on-going wave of regulations that are developing from the Dodd-Frank Act, including the formation of the Consumer Financial Protection Bureau.
