Rules and regulations in the mortgage industry are constantly changing. And while these updates can sometimes be hard to keep track of, the consequences are detrimental to not only your business, but you personally, if they are not maintained.
Mortgage fraud is nothing to mess with and staying on top of compliance is the only way to combat it.
Here are three things you need to know about mortgage fraud to prevent it from happening to your business:
1. Always Hire a Third Party to Be Involved in Contracts
First and foremost, there should always be a third party involved when there are payments taking place in the mortgage industry. Whether transactions go through an escrow agent or an attorney, there should always be a third party vendor handling the financials. This will allow you to rest easy knowing all tax and insurance payments are being made by the lender for the borrower.
2. Subscribe to Updates from the Federal Trade Commission
Because regulations are constantly changing in the mortgage industry, it’s valuable to have an online resource to keep up to date with the latest changes. The Federal Trade Commission constantly publishes blogs and articles composed of tips and warning signs to be aware of when it comes to mortgage fraud.
3. Hire a Mortgage Compliance Consultant
Finally, mortgage compliance consulting is incredibly beneficially when it comes to understanding the regulation changes and remaining compliant. A mortgage compliance consultant is well-versed in the mortgage industry and stays updated on the industry changes in order to keep you and your business safe. And by hiring a consultant, you’ll be able to have their expertise at your fingertips whenever needed, which is always a strong tool to have in your back pocket.
Learn More About Mortgage Defense’s Compliance Consulting
Are you in need of a compliance consultant? Mortgage Defense offers mortgage broker compliance consulting from one of the most respected consultants around Washington, Neill Fendly. With a heavy emphasis on compliance implementation and review, Fendly keeps his focus on providing a cost effective solution allowing you to remain compliant, viable and competitive.
To learn more about mortgage compliance consulting and Mortgage Defense, visit our website today or call 704-574-0364.
Don’t wait until it’s too late; get ahead of the game now!