Mortgage servicing and real estate markets are recovering gradually and pressures are mounting for executives to place consumers and their interests’ front and center in mortgage transactions.
Previous regulations weren’t satisfactory. Traditionally, regulators based approval on mortgage originators’ credit decisions compared against the government housing agencies’ underwriting guidelines. This approval sought to ensure the safety and soundness of the banking system.
While this traditional approval is still in effect, consumer protection has been added to the mix. Consumer Finance Protection Bureau (CFPB) states that lenders must pay more attention to ensuring high levels of customer satisfaction without compromising consumer protection.
The CFPB has made it clear that they will hold lenders responsible for the actions of their employees, contractors and vendors, with substantial fines for violations. Avoiding such fines requires a deep understanding of the new rules and having a good system in place to track all correspondence, documentation and transactions between borrowers, lenders and vendors.
OCIE® is an Enterprise Content Management solution that not only archives those correspondences, documents and transactions but also helps automate workflow and make processes smooth, efficient and compliant. OCIE has a unique set of enterprise-caliber tools for content management, process automation and delivery that make it suitable for consumer protection. Or should we say business protection as well?
Not only should businesses be focused on consumer protection to satisfy new regulations, they should also focus on protecting themselves as well. Having the right system in place to track all interaction between the borrower, lender and vendor is essential in today’s mortgage servicing industry. With that in mind, is your organization ready?