National Law Firm Established to Assist Mortgage Banking Industry; The American Mortgage Law Group Specializes in Needs of Lenders, Investors, Servicers
NOVATO, Calif.--(BUSINESS WIRE)--A national law firm focused exclusively on serving the needs of the mortgage banking industry has been established, founder Arthur Prieston announced today. Mr. Prieston, an experienced attorney, has been a pioneer in the mortgage banking industry for more than 20 years and is founder of The Prieston Group (TPG), the country’s only provider of integrated mortgage fraud insurance, training and loss mitigation.
“There is clearly a need for an experienced national law firm dedicated solely to serving the unique needs of all within the mortgage banking industry, from lenders to investors to servicers to other entities,” Mr. Prieston said. “The marketplace has changed, not only leaving lenders more vulnerable to fraud, but also squeezing profits for all. It is vital that the industry have access to a law firm that can effectively address all their concerns, regardless of location.”
Based in Novato, Calif., The American Mortgage Law Group (American MLG) will serve clients across the country and the globe. The firm will work closely with TPG to recover monies on behalf of its clients, and will also serve companies who are not clients of TPG whether their concerns are fraud-related or otherwise. Fraud, however, is likely to be a large concern for most clients. Incidents of this crime are increasing rapidly, as evidenced by the growing number of fraud-related claims filed with TPG.
TPG had previously worked with Santa Rosa, Calif.-based Lanahan & Reilley for its loss mitigation efforts on behalf of clients, and continues to maintain counsel relationships with the firm. All future Lanahan & Reilley work that is related to mortgage banking will be referred to American MLG. With the opening of this new firm, the focus shifts from a strong regional law firm to a firm with a national presence and the ability to handle cases across the country through relationships with local counsel in hot spot areas for mortgage fraud.
The team that has moved over to American MLG formerly made up the mortgage banking group of Lanahan & Reilly and is highly experienced, handling hundreds of mortgage banking cases a year. James Brody and Ryan Thomas, partners in the new firm, are responsible for recovering millions of dollars in cash on behalf of clients. This has resulted in a number of new clients seeking legal assistance, further prompting the need for a firm dedicated solely to serving those mortgage banking clients.
“This success has greatly contributed to the growing demand for specialized legal services dedicated to the mortgage banking industry,” said Justin Vedder, Managing Director of PBIS Insurance Services, a TPG affiliate. “Combined with the increased potential for mortgage fraud and the changing mortgage marketplace, the need for American MLG is substantial.”
Said Mr. Brody: “The potential for both successful cash recoveries and other loss mitigation efforts, taken on behalf of the lenders and investors that comprise the mortgage banking community, is limitless. I fully expect that American MLG will continue to grow and to ultimately become an invaluable resource for resolving the unique legal needs of the entire mortgage banking industry.”
Said Mr. Thomas: “There is a real need within the industry for a firm such as American MLG, especially one that can handle cases on a national level. Through our contacts in all of the ‘hot’ jurisdictions for mortgage fraud, we will be able to handle any case anywhere in the country. American MLG will provide much-needed specialized legal services to those who have been the victims of this crime.”
Jon Daurio, former co-founder of Encore Credit Corp. will also lend his expertise to the firm. Mr. Daurio is an experienced mortgage banker and a former managing partner of O’Connor, Schmeltzer, Armstrong & Watkins, a law firm in Irvine, Calif.
Praise for the creation of American MLG has come from throughout the industry. Regina Lowrie, CMB and outgoing chairman of the Mortgage Bankers Association, said: “In light of the increased regulatory scrutiny that we as mortgage bankers operate under, it could not be a more perfect time for TPG to expand its range of services by creating an affiliate that not only provides fraud recovery and loss mitigation services but will be able to address all other legal related matters in the financial services industry. American Mortgage Law Group will give TPG’s legal services more of a national presence and provide the industry with a diverse suite of legal services for mortgage bankers.”
Added Kirk Smith, president of SouthStar Funding: “This has historically been a field dominated by regional firms which causes clients in need of these services to contract with multiple firms for representation, often times creating inefficiencies and confusion. Mortgage fraud is a national phenomenon and having one central place to turn to for representation is desirable for most lenders especially with the myriad of state lending laws and regulations that our industry is subject to.”
About The Prieston Group
The Prieston Group is a diversified risk management consulting company. It offers the only fully integrated suite of mortgage fraud protection, mitigation and indemnification services in the industry. Called TPG Mortgage Assurance SolutionsSM, these services provide lender due diligence and data integrity, fraud loss insurance and repurchase protection and legal consultation for loss mitigation and recovery.
Founded in 1986, the company’s proprietary Lender Representation & Warranty Insurance (Pat. Pend.) protects more than 700 lenders and more than $50 billion in residential loans to date. TPG has been an industry leader in fighting mortgage fraud, supporting lenders, aggregators, investors and issuers, as well as working closely with rating agencies, industry representatives and government and legislative agencies.
For more information about The Prieston Group, please visit http://www.priestongroup.com/.
The TPG logo, Mortgage Assurance Solutions and Lender Representation & Warranty Insurance are trademarks or service marks of The Prieston Group, Inc.