It’s a never-ending race trying to keep up with the Feds and their constantly changing regulations. And not keeping up with compliance is the kiss of death for the careless mortgage professional. How can you ensure compliance with state requirements, FHA and other regulatory agencies? Use technology. Choose a technology vendor that will provide you with timely information and critical updates regarding industry changes and provide solutions to overcome them. Compliance rules change constantly, and sometimes for only certain states, certain types of agencies or certain types of loans. It’s crazy and confusing but you can’t afford to ignore the significance of the ever-changing laws for the mortgage industry and the impact it has on your business.
Several noteworthy federal regulations in 2009 and 2010, such as HUD’s RESPA Rules, the Fed’s TILA requirements, MDIA, HVCC, the S.A.F.E. Act and the NMLS, have already created questions of compliance and uncertainty in the industry. Clear as mud, right? The easiest way out of the quagmire is to be able to trust that your technology vendor is working for you to make certain that you meet all requirements and that systems are in place to help you control user behavior ─ providing you assurance that your front line employees act responsibly in the compliance or ethics arena.
As always, Calyx can help you ensure that you are always in compliance. We’re running that race for you, and our stamina is Amazing! Check out our website’s support section to learn more about what’s going on and what’s in store for the next lap. http://www.calyxsupport.com/.