IndiSoft, which offers a broad suite of software solutions to the mortgage banking industry, has teamed up with Baltimore-based law firm Ober|Kaler, which will assist IndiSoft in enhancing its regulatory compliance modules.
In addition, the national law firm will assist IndiSoft's clients in interpreting regulatory requirements from such agencies as the Consumer Financial Protection Bureau (CFPB), Office of the Comptroller of the Currency, Federal Deposit Insurance Corp. and Federal Reserve Board. This, in turn, will enable Indisoft to customize its solutions for individual clients based on their interpretation of the regulations.
Ober|Kaler is a national law firm providing integrated regulatory, transactional and litigation services to financial, health care, construction and other businesses.
‘Our primary goal is to ensure clients can understand and address key components in the recently established regulations while having confidence in our product offerings,’ explains Sanjeev Dahiwadkar, president and CEO of IndiSoft, in a release. ‘The CFPB and other financial institution regulatory agencies continue to update regulations enacted after the 2008 financial crisis. We must be able to interpret those regulations based on each clients' specific requirements. Ober|Kaler's team has the experience necessary to sort through those regulations and provide us with the necessary insight. They will greatly assist us in helping our clients stay informed as well as adhere to all the compliance regulations.’
Ober|Kaler will provide regulatory guidance to IndiSoft so that the firm can better assist clients in understanding and monitoring regulatory changes. The anticipated product offerings include compliance systems for mortgage originations subject to the requirements of the Real Estate Settlement Procedures Act and the Truth in Lending Act.Â
Ober|Kaler's guidance will also help IndiSoft further develop its Vendor Oversight Compliance module and an additional module that addresses general regulatory compliance topics, including compliance issues relating to the Bank Secrecy Act and Anti-Money Laundering Act.
‘We are very pleased that IndiSoft chose Ober|Kaler to provide compliance advice with the vast regulations the industry faces,’ says Andrew Campbell, counsel, Ober|Kaler. ‘IndiSoft works with its clients to solve business challenges; it recognizes the importance of companies having up-to-date information. IndiSoft will have the confidence that it can provide its clients with accurate compliance information. We look forward to working with Sanjeev and his team.’