By now I am sure everyone knows that compliance has become paramount and must be given a priority status by every company in the mortgage industry regardless of size. In particular this has become a major issue for Mortgage Brokers as they struggle to keep the cost of compliance down without the use of a full time compliance individual on staff. Regardless Mortgage Brokers must have written policies and procedures in place that provide compliance with the law, full implementation and monitoring with periodic written reports to management.
There have been a number of companies that have built their business over the years providing Mortgage Brokers, and the industry in general, with generic policy and procedure manuals that provide the necessary tools for compliance with specific rules and regulations. They are usually available to companies on an ala carte basis at a reasonable price which makes them quite attractive to Mortgage Brokers. The majority of these compliance companies is very reputable and delivers a solid product, that may or may not be customized, but that is not the problem.
The elephant in the room is the implementation of these policy and procedures into the day to day operation that will not only accomplished the required mandate but withstand a regulators scrutiny. Unfortunately a large number of mortgage operations do not implement these policies they have paid for and somehow think simply having the document is enough. Nothing could be farther from the truth and having the policy, but failing to implement and monitor it, is almost as bad as having no policy at all.
Don’t allow yourselves to be in a position when the required polices, rules and regulations have not been implemented. If you need cost effective assistance to achieve the necessary operational implementation, monitoring, and reporting call Mortgage Defense, Inc. today at 704-574-0364. We can provide you with tools you need to remain compliant without spending a fortune. The initial consultation is always free and results will not only amaze you but insulate your company from compliance disaster. Mortgage Defense, Inc. 704-574-0364