In my last post, I discussed how resource staffing issues and business model changes likely played a role in some of the compliance missteps I observed during my 2021 MERS annual compliance reviews. I encourage you to read it, if you haven’t already, to understand some of the top pervasive issues and compare them against your organizations own controls. …
In my 2021 summary of audit findings, it was evident the broader challenges of the past two years have not circumvented MERS compliance. Human resource hurdles of collaborating though remote work, illness, and increasing attrition remain. Changes in their business model also left many mortgage servicers’ facing the unexpected requirement to engage an independent 3rd party auditor. For some, the…
Business is still booming. The June 18th MBA Mortgage Finance Forecast reported in Q1 2021 refinance and purchase volumes outpaced 2020 and Q2 would see similar upticks, with purchase activity holding strong through years end. All good stuff, particularly for an industry that already experienced such unexpected good fortune in the midst of a global pandemic. With all this focus…
In the mortgage industry, compliance is a day in, day out task that like everything else is affected by business conditions. This is particularly true in a year like 2020 that tested business continuity plans, affected staffing, and redirected much of our attention away from managing the normal ebbs and flows of business to juggling the latest hot potato. (Many…
The mere definition of the word compliance can have a negative connotation. According to Merriam-Webster compliance is defined as: 1a: the act or process of complying to a desire, demand, proposal, or regimen or to coercion 1b: conformity in fulfilling official requirements The mortgage industry has certainly had its fair share of official mandates over the years to make compliance managers and senior leadership…
The 2020 spring conference season is fast approaching. One particular conference LoanLogics is looking forward to attending is the 3rd annual ComplianceEase Risk & Compliance Summit being held in Chicago this April. Because of the uniqueness and depth of our integration, LoanLogics is not only sponsoring and exhibiting, but our senior leader and chief business officer, Craig Riddell, will be…
