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Workplace Solutions - Regulatory Compliance

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A well known attorney once stated that the eight most feared words in mortgage banking were; /I?m your regulator and I?m here to help./ As the specter of angry, upset consumers looms more and more frequently over the heads of lenders, the need to protect your company from the risk of non-compliance grows. How do you keep your organization from becoming the next target of state or federal regulators? How do you introduce and enforce adherence to regulatory compliance requirements, when they are another of the /volume prevention/ issues that have troubled leaders in this industry for years?

Once again, the problem many leaders face when addressing this issue is that they have no idea what the real risk is. Questions such as /how good is my HMDA data/, /how accurate are my Truth-in-lending statements/, or /do I know what the requirements are for the state that was just added to the company?s origination targets/, typically cannot be answered. And more often than not, this is because the reports received on regulatory compliance are simply a compilation of data with no real information on what the risks are and where they are found.

A successful REGULATORY COMPLIANCE PROGRAM will contain various functions, each related to some aspect of the risk. Included should be an approach for identifying and introducing new regulations that occur. Lenders should also have a way to effectively measure the level of compliance and hold individuals accountable. Education on the requirements as well as on how the organization implements these requirements is also critical. And there must be a level of awareness regarding the type and number of consumer complaints that are received.

rjbWalzak Consulting can assist you in implementing a program, whether it is for all regulations, or an individual process for a recently added requirement, that will accomplish these tasks and identify your risks in a way that minimizes the cost in terms of human and capital resources. Having personnel experienced in this type of implementation is a key to our success. We will work with you to establish a program that answers your questions and gives you information that will allow you to avoid the risk specter of unfriendly regulators and unhappy consumers.
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