To better serve the compliance needs of mortgage bankers and other financial institutions, consulting firm Teraverde Management Advisors has launched a new business unit, Compliance Services.
The new unit, which will be managed by Alex Henderson, co-founder and chief counsel of Teraverde, will provide focused compliance consulting, including RESPA/TILA consumer loan compliance; bank secrecy act/anti-money laundering compliance; cyber-security for bank and mortgage banking systems; and compliance management systems.
‘Client demand for services in compliance management has increased dramatically in the past year, which is not surprising given Dodd-Frank, the Consumer Financial Protection Bureau and 20,000 pages of new requirements and guidelines,’ Henderson says in a release. ‘It is a tremendous challenge for a bank to develop and implement a compliance program on its own. Secondly, and just as importantly, compliance requirements have upended the existing mortgage banking operational model, and it is even a greater challenge for a financial institution to remain operationally efficient and increase profits given the new reality.’
Henderson has been CEO for Teraverde for three years and was formerly managing partner of law firm Hartman Underhill & Brubaker. He has extensive experience in managing professional subject matter experts to provide great client service and satisfaction.
Assisting Henderson in managing the new unit will be Kevin Martin, who will serve as compliance services manager. Martin works at Teraverde in the area of compliance and also has in-depth experience in risk management, audit management, federal banking regulator management, due diligence, loan review and compliance committee advisory services.