How to be Prepared for Your Regulatory Audit

Posted on Posted in Mortgage Broker Compliance, New Guidelines, Tips and Tricks

They sneak up on you out of the blue and you have to be prepared! Every mortgage broker dreads the day they receive the notice that they’re going to be audited by their regulator.

Whether you think you’re prepared or not, it’s not strange that you’re concerned. There’s so many small details that go into your audit and one slip-up can be a big deal in the long run in regards to compliance, especially since TRID changed the compliance landscape.

In order to ensure smooth sailing through a regulatory audit, mortgage brokers need to enlist the assistance of a compliance expert. It’s much easier to clean up processes and have them operating smoothly before your audit than afterwards.

Why a Compliance Consultant?

A compliance consultant knows all the rules, regulations and laws in place for mortgage brokers and can advise you to make sure any incorrect processes are addressed prior to the regulatory audit.

Unfortunately, there are a variety of different possible violations that mortgage brokers can be considered “guilty” of. If you don’t know what the regulator is looking for during your audit, it can be impossible to have the upper hand.

An expert compliance consultant can help you prepare answers to the questions before they’re asked. They can help you prepare the necessary paperwork needed for the audit. They can coach you on the best policies and explanations for issues. Further, they can offer you peace of mind when it comes to the regulatory audit process.

Enlist the Aid of “True Professional”

Mortgage Defense, Inc. and Neill Fendly have been offering compliance consulting, with a heavy emphasis on compliance implementation and review, to mortgage brokers throughout the United States for over 15 years. It’s Fendly’s goal to provide cost-effective compliance solutions to allow you to remain viable, competitive and compliant!

Learn more about Mortgage Defense’s compliance consulting solutions by visiting our website or by calling 704-574-0364. Be proactive not reactive!