Roll The Dice

Posted on Posted in Common mistakes, Mortgage Broker Compliance

Roll the DiceIt amazes me how many mortgage brokers continue to operate without an implemented quality control program, choosing instead to roll the dice and hope for the best. This business philosophy is proving to be very costly with significant regulatory fines and loss of operational licenses happening literally every day.

Current industry projections forecast a 35% reduction of mortgage companies in the year 2014. A number of these exits from the industry will be the result of a failure to adhere to federal and state regulations that has resulted in significant fines and terminations of licensing.

If you have concerns about your quality control plan, it’s implementation or the proper auditing of the plan call 704-574-0364. Mortgage Defense, Inc. will provide a free analysis, and suggested solutions, to insure full compliance and avoid a regulatory crisis.

To successfully operate in the mortgage lending environment that we all face today a company must put compliance as its first priority. Those entities who do not follow this philosophy are putting the company’s future in jeopardy but also the ownership of that company.

Regulators are now almost always including ownership of the company as part and parcel of any regulatory action. In other words it is not just the company whose future is in doubt but also the individual ownership that is being included as part of the regulatory action. This type of action could literally terminate an individual career in the mortgage industry with little to any hope of ever returning to the mortgage industry.

We are seeing the above reference failures on a reoccurring basis and it is frequently out of ignorance or the result of focusing on sales and just ignoring compliance. Don’t become part of that 35% that will not survive 2014. Be proactive and take action now. Call Mortgage Defense, Inc. now 704-574-0364.