Yesterday, we at PROGRESS discussed how good technology vendors continue to innovate. Today, we want to share another story of how one vendor is making a difference. We just learned that AllRegs, an information provider for the mortgage industry, has launched a procedures product line designed to provide clear step-by-step guidance to a lender’s staff about operational aspects of regulatory-based procedures. Here’s why this is significant:
“A tremendous amount of work goes into preparing for an audit,” said Dan Thoms, executive vice president for AllRegs. “It starts with great regulatory compliance practices. These procedure templates help support our clients in filling gaps in their regulatory compliance infrastructure. Saying your company will implement a policy isn’t enough anymore—you have to be able to show exactly the steps staff members need to take when handling operational tasks, our procedure documents fill that need.”
Guidance released by the CFPB in December of 2013 specifically addresses policies and procedures. Beyond ensuring procedure documents cover the key components of the Dodd-Frank rules, the regulatory agency suggests having a process in place for keeping documents accurate as regulations evolve.
AllRegs Procedure Templates are offered with a one-time purchase price per company. The templates are delivered in MS Word format and can be personalized by the customer or fully customized by AllRegs to include specific customer requirements. Maintenance plans are available to keep documents up to date with legislative and regulatory changes.