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It’s an old song, sung by performers like Elvis, Willie Nelson, and Al Green. They talk about what goes around, comes around, and sooner or later “you’re gonna pay” in love and in life.
Things ain’t so different in business.
- If you do right by your customers, then they’ll do right by you.
- If you cut corners, look for shortcuts, and don’t treat customers right; sooner or later it will catch up to you.
When it comes back to bite you, the cost will be your customers and your business. This is all the more reason to do things right, the first time, all the time, and for all the right reasons.
Speaking of doing things right…are you ready for HMDA. My, it’s been a long time since the CFPB first announced those changes. How are you doing? I hope you’re doing fine.
Starting with loan decisions made in 2018, lenders need to collect the new data elements. That may include some loans originated in 2017 if they’re still hangin’ around.
Are you and your technology providers ready? Are you sure you can locate all the required data, collect it from the sources, then have it reported timely and accurately?
It’s not just collecting the new information; it’s just as important to be able to report the data in a timely and accurate manner and in the proper format. Otherwise, you’re singing to the wrong tune.
You should be actively involved in working with your technology team, and in training your staff, to get ready for the new HMDA. Remember TRID?
Ain’t it funny how times slips away? Don’t put off until tomorrow what you can get done today.
The fundamental things apply, as time goes by…but hey, that’s another song.
