Here’s What The Future Of Mortgage Compliance Will Look Like …

For the sixth consecutive year, PROGRESS in Lending Association hosted its groundbreaking ENGAGE Event designed to engage the mortgage industry to discuss and find solutions to so many pressing  industry issues. This was a frank and thorough exchange of ideas and tips about how to solve the problems that face the mortgage industry.  Here’s what the speakers said would be the future of mortgage regulatory compliance:

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“The whole industry has seen the impact of TRID,” said Michael Riddle, managing director at MRG. “The answer to complying is that it takes a village. It takes analytics and systems to analyze the data. In the end you as a lender are going to be judged by the borrower experience that you offer.”

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Mortgage services have also been under the regulatory microscope. “All the moving parts of the default industry have to act together,” said Christina Hankey, compliance and client relations executive at Five Brothers Asset Management Solutions. “We have over 6,000 contractors in the field. We will only succeed if we offer a first-class process, so we need technology to manage all those moving parts. You can’t just send a vendor out into the field and cross your fingers that everything is going to be fine.”

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And there are more rules on the way. What’s next? REMY or Reasonably Expected Market Areas. “Analyzing your distribution to sure that you are lending equally to protected classes is paramount,” noted Brenda Baylor, client solutions executive at Reliant Solutions. “You need to understand the demographics of your borrowers and their geographic areas. Now, with REMY, regulators also want to know where you marketed to borrowers vs. where you could have marketed. This is a whole new frontier for lending.”

So, here we go again. But Brandon Perry, CEO of TTP Enterprises, warns that no matter how challenged the next rule may be to comply with, lenders can’t forget about the core business of doing mortgages. “There’s an intense compliance burden on the lender that has caused them to expand staff. However, compliance doesn’t drive new business. If lenders focus too much on compliance and lose focus on lending, they won’t survive. You have to be compliant, but you also have to figure out a new way to get business in the door.”

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