Department of Financial Institutions
Kentucky Mortgage Regulator Achieves Accreditation
FRANKFORT, Ky. – (Feb. 26, 2010) – The Kentucky Department of Financial Institutions (DFI) has been recognized as one of the nation’s leading mortgage regulators, as Gov. Steve Beshear accepted DFI’s certificate of mortgage accreditation.
Kentucky DFI is the third state mortgage regulator to achieve national accreditation by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR).
“Kentucky is one of the first accredited states, which demonstrates my administration’s commitment to public protection,” said Gov. Beshear. “The accreditation signifies the Kentucky Department of Financial Institutions conforms to the highest standards of mortgage supervision and regulation. I congratulate the Department and its staff on this important accomplishment.”
The goal of the CSBS-AARMR Mortgage Accreditation program is to encourage state mortgage regulators to promote excellence in mortgage regulation and to protect consumers without undue burden to the industry. The accreditation program involves a comprehensive review of the critical elements that assure a state regulator’s ability to supervise the mortgage industry.
“DFI has been a proponent for strong mortgage regulation and consumer protections,” said DFI Commissioner Charles Vice. “Achieving accreditation further demonstrates our commitment to that goal. We are pleased that CSBS and AARMR have recognized Kentucky as a national leader in consumer protection and marketplace integrity.”
Neil Milner, president and CEO of CSBS, presented the certification to Gov. Beshear, Public Protection Cabinet Secretary Robert D. Vance and Commissioner Vice. Milner congratulated the department and noted that states are frontline regulators of the mortgage industry.
“We believe that this new CSBS-AARMR designation demonstrates in the most concrete fashion that state mortgage regulators are well positioned to fulfill responsibilities placed on them by state and federal legislation, including the federal SAFE Act,” Milner said.
Details about the Mortgage Supervision Accreditation program may be found online at www.kfi.ky.gov/nondepository.
CSBS is a nationwide organization that represents state bank regulators and state-chartered financial institutions. CSBS also is responsible for improving the quality of state bank supervision by providing department performance evaluation and accreditation programs and supervisory training programs for state banking department personnel. AARMR is the national organization representing state residential mortgage regulators.
DFI is an agency in the Public Protection Cabinet. It supervises the financial services industry by examining, chartering, licensing and registering various financial institutions, securities firms and professionals operating in Kentucky. DFI’s mission is to serve Kentucky residents and protect their financial interests by maintaining a stable financial industry, continuing effective and efficient regulatory oversight, promoting consumer confidence and encouraging economic opportunities.
Photo by: Marvin Young, Creative Services.
The Kentucky Department of Financial Institutions received its national mortgage accreditation certificate on Feb. 25. At the presentation were, left to right, Public Protection Cabinet Secretary Robert D. Vance, President and CEO of CSBS Neil Milner, Gov. Steve Beshear and DFI Commissioner Charles Vice.