MQMR Advises Mortgage Lenders to Supplement Resources for Compliance GuidanceAging industry workforce, plus sheer volume of regulatory requirements, compels lenders to tap third-party compliance resources
Los Angeles, CA, April 12, 2018 — Mortgage Quality Management and Research, LLC (MQMR) President Michael Steer today urged lenders to seek additional resources for compliance advice to ensure total compliance with regulatory requirements.“Lenders cannot afford a knowledge gap in compliance, especially as our industry’s most seasoned compliance professionals inch toward retirement,” Steer explained. “Factor in six-figure fines for non-compliance alongside investor buyback requests, and the impact of non-compliance outstrips any expenses lenders incur to ensure their compliance. Cutting compliance support would be a penny-wise but pound-foolish business decision for mortgage lenders at precisely this time.”
MQMR assists lenders in the creation and maintenance of a comprehensive compliance program to mitigate regulatory risk exposure. Its compliance services suite offers lenders a flat-fee monthly compliance support program, giving lenders discretionary direct access to MQMR’s compliance experts. Included in this service are:
- Federal, state and loan-level questions;
- Customized policies and procedures review and development;
- Thorough assessment of advertising and marketing materials;
- Detailed website reviews;
- Regulatory intel and investor interpretations;
- State examination assistance; and
- Recommendations on overall best practices.
“Anyone can read a statute or regulation,” Steer said. “When a lender has a compliance question that their internal team cannot answer, they need real advice, not a regurgitation of the statute, and they need it as soon as possible. Our flat-fee monthly compliance program ensures lenders have access to specific and actionable advice on their time-sensitive compliance questions without them feeling ‘nickeled-and-dimed’ or spending ridiculous amounts of time on the hunt for answers.”
Ready to get the compliance help you need? Contact MQMR today. |
