The depth and width of new government regulatory practices has created new demands on mortgage originators. So what can you do?
First it’s good to know that new compliance measures are focused on three main areas:
1) Complying with regulations on keeping customer data confidential.
This keeps regulators happy during their audits.
2) Creating consistent and auditable file review and processing procedures that
match internal and investor guidelines.
This is difficult to do with paper processing
3) Support for internal disaster recovery \ business continuity plans
This is better known as backing-up and securing all your information.
With this knowledge, you should try to get ahead of regulations by putting in place a strategy to deal with these. And one of the most effective ways to do this, is to utilize a digital processing format that incorporates intelligent workflow for your mortgage origination.
To learn more, download our free report: The Push for Paperless Processing. How to make a smart transition today, to a system with long-range benefits.