Keeping Pace with Today's Regulatory Changes
Given how frequent and ongoing regulatory changes have become, keep up with the regulatory environment is one of the biggest challenges facing mortgage industry professionals today.
In fact, for today's lenders and servicers, maintaining compliance has become a full-time job. Not only does it require being vigilant about monitoring potential changes to ensure they can be accommodated in a timely manner, but even small changes can have a huge impact on lenders' and servicers' operations. Industry professionals must first understand the changes and how they may affect certain operational areas, then construct and test a plan to accommodate those changes, train their staff on the new practices and finally effectively implement those changes.