Independent Auditor. 5. That within sixty (60) days upon its execution of this Agreement, New Day will retain an independent auditing firm (the “Auditor”), which Auditor shall have been previously approved by the State Mortgage Regulator for the State of Maryland in consultation with the State Mortgage Regulators, to conduct an independent analysis and provide recommendations in the following areas: 1) a review of New Day policies and procedures, to ensure that New Day is, and will continue to be, in compliance with all of its obligations and duties arising under any federal or state law, as well as ensuring that it is operating in compliance with accepted business practices for a mortgage company of its size and scope of business; and 2) a review of New Day’s training and education program, including, but not limited to, its training and education program for MLOs and Qualified Individuals, as defined under NMLS standards, to ensure that New Day is, and will continue to be, in compliance with all of its obligations and duties arising under any contract or agreement, or under any federal or state law, as well as to evaluate New Day’s program compared to accepted best business practices for mortgage companies of its size and scope of business.
Appears in 6 contracts
Samples: Settlement Agreement, Settlement Agreement, Settlement Agreement
