Mortgage Compliance

Don’t Sidestep The Law

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protect-your-customers-follow-the-lawSeems people are always looking for shortcuts. Ways to get where they’re going more quickly or make what they need to do much easier. I’ve found that in all too many instances when looking for, and taking, these shortcuts it leads to more trouble than its worth, and it takes more time and effort to get where you want to go, or do what you need to do.

Same holds true in business. When someone starts out their advice with the words, “You know how to get around that…?” run, don’t walk, for the hills. Get as far away from that individual as you possible can. If they work for, or with, you, take a long hard look at their value to you and your organization. Those seven words are dangerous.

Don’t look for ways to circumvent the rules. Like it or not these rules are set in place to govern how you must conduct your business. To protect your customers and you. You might not like them or agree with what they require, but you must comply just the same. It’s not a matter of choice.

This doesn’t mean that you don’t look for ways to streamline your business operations to become more efficient. There are ways to build a better mousetrap, the right way. A shortcut that works is no longer considered a shortcut but rather a better route to get where you’re going, or a better way to do what needs to get done. What you should be striving for, is not looking for ways to get around the requirements of the law and for the best ways to meet these requirements.

So, when someone comes along and offers you a “shortcut” do a little homework and make sure they are not trying to tell you how the get around a law. That will get you into big trouble in the long run. Instead look for ways to utilize technology, and other available resources to streamline operations, to reduce the time and expense needed for legal compliance.

Don’t sidestep the law or you might find yourself stepping into something you didn’t expect…or want.

Michael Vitali

About the Author

Michael Vitali

Michael L. Vitali – Independent Consultant to the Mortgage Industry Mike Vitali is an independent consultant to the mortgage industry on matters concerning compliance and mortgage lending. He most recently served as the Senior Vice President and Chief Compliance Officer for LoanLogics, monitoring regulatory developments and their practical implications for the mortgage lending industry. His duties included research, interpretation, and analysis of existing and proposed legislation related to the industry in support of recommendations for policy and/or procedure changes to maintain continued quality and compliance with all applicable laws, rules and regulations, investor requirements, and standard mortgage practices. In his more than 40 years in the mortgage industry, in senior level management, he has gained experience in all areas of mortgage lending, risk management, and compliance. Mike is a past President of the MBA of Greater Philadelphia, is a charter member and was the second Chairman of the MBA of Pennsylvania, and a past board member and Legislative Chair of both associations. He is a recipient of the 1998 Mortgage Banker of the Year Award from the MBA of Greater Philadelphia, and the 2003 Chairman's Award from the MBA of PA, and currently serves on several compliance related task forces for MBA.
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Michael Vitali

About Michael Vitali

Michael L. Vitali – Independent Consultant to the Mortgage Industry Mike Vitali is an independent consultant to the mortgage industry on matters concerning compliance and mortgage lending. He most recently served as the Senior Vice President and Chief Compliance Officer for LoanLogics, monitoring regulatory developments and their practical implications for the mortgage lending industry. His duties included research, interpretation, and analysis of existing and proposed legislation related to the industry in support of recommendations for policy and/or procedure changes to maintain continued quality and compliance with all applicable laws, rules and regulations, investor requirements, and standard mortgage practices. In his more than 40 years in the mortgage industry, in senior level management, he has gained experience in all areas of mortgage lending, risk management, and compliance. Mike is a past President of the MBA of Greater Philadelphia, is a charter member and was the second Chairman of the MBA of Pennsylvania, and a past board member and Legislative Chair of both associations. He is a recipient of the 1998 Mortgage Banker of the Year Award from the MBA of Greater Philadelphia, and the 2003 Chairman's Award from the MBA of PA, and currently serves on several compliance related task forces for MBA.
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