The Real Cost of Non Compliance

Posted on Posted in Common mistakes, Mortgage Broker Compliance

Why? We currently live in heightened arena of compliance that is hard for anyone in the mortgage industry to ignore. A constant stream of new rules and regulations seems to be never ending and adds a tremendous amount of additional cost to the mortgage process. Many smaller mortgage entities look for more cost efficient methods of complying or decide to play Russian roulette with the regulators. They don’t have the proper written policies in place, properly implemented let alone perform self-audits for compliance effectiveness. Rather they see themselves as too small to attract the attention of a regulator.

We are now seeing the real cost of non-compliance vastly exceeds the actual cost of compliance. I am seeing companies suffer heavy fines, loss of licenses and even banishment for owners to ever participating in the mortgage industry again. This is hardly worth saving some money and taking chances with your career, your future and the security of your family. If you would like a free analysis, with no obligation, of your operational compliance contact Mortgage Defense, Inc. at 704-574-0364. It is a great first step in getting your business back on track.

Unfortunately all the regulators have made it known they will be looking to smaller entities this year to make sure every mortgage entity is compliant. Both the state and federal regulators have also made it abundantly clear that those entities originating retail loans for sale to wholesale lenders should not be relying on their wholesale lenders to make sure all their loans are in compliance and this includes correspondent lending. In other words each entity in the mortgage industry is responsible for their compliance and is expected to have a robust and measurable compliance program implemented. Don’t take chances as the real cost of non-compliance can be catastrophic. Contact Mortgage Defense, Inc. today and take advantage of over 30 years in the industry and get your free compliance analysis.