Introduction to Becoming an MMC EIC

Internal Use Only

Multistate Mortgage Committee (MMC) What does the MMC do? • Since January 2019, conducted 35 multistate exams, including the OCOE Pilot that closed July 2022 •Works closely with Risk Profiling Group (RPG) to determine the multistate mortgage entities (MMEs) to examine each year •Works closely with Consumer Financial Protection Bureau (CFPB) to conduct 2 ‐ 3 coordinated exams annually • Typically conducts 7 ‐ 10 mortgage origination & servicing multistate exams annually

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Internal Use Only

Multistate Mortgage Committee (MMC) How is it done? •MMC multistate exam schedule shared with all state agency mortgage contacts each November via an online survey • Survey informs state system of upcoming exams & requests participation, including interest in leading as the EIC or SPOC • Any agency can volunteer to lead an MMC exam • Beginning 2023, MMC limit participation to 10 state agencies per exam • Limiting participants encourages agencies to accept or leverage results & reduces regulatory burden of the MME being examined

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