A mid-size national lender originating $1M in conventional, FHA and VA loans through direct to consumer channels
The evolving regulatory environment in the mortgage industry demands superior data management and compliance from lenders. However, the client lacked a strong Compliance Management System (CMS) including policies and procedures. It also lacked the expertise required to understand and implement new regulatory requirements. Given the heightened regulatory focus, the client wanted to deploy a robust CMS to mitigate risk of penalties, and enhance transparency and governance through reporting
Sourcepoint collaborated with the client to understand the gaps in the existing system. We then created a framework for a holistic CMS aimed at addressing immediate as well as long-term compliance concerns. Our compliance and process consulting team developed a complete set of regulatory compliance policies to ensure rigorous governance, and created job aids, scripts and procedures for the newly developed policies. Finally, we assisted the client in taking a strategic approach to monitoring by establishing a reporting structure to track compliance milestones.