Take Five Consulting actively works with mortgage banks to ensure they have solutions that meet the regulatory requirements within their industry. We leverage tools that seamlessly integrate with the existing compliance infrastructure to help mortgage banks generate loans that perfectly meet regulatory audit requirements. With extensive experience in mortgage industry, we help incorporate best practices by leveraging automated and individual regulatory industry knowledge to provide cost-effective audits and regulatory compliance monitoring.
Challenges for Mortgage Banks in meeting regulatory compliance
Manual processing and compliance costs have drastically reduced the underwriting productivity in terms of number of loans processed per underwriter per day.
Mortgage banks face the following challenges in meeting regulatory compliance:
Lack of integration between data and document systems.
Manual QC processes and audits.
Lack of workflow solution for process changes within the mortgage bank.
Continuous regulatory changes and rising repurchase risks.
Lack of functioning internal audit unit that meets Fannie Mae requirements.
Audit and Compliance services
We help mortgage lenders implement additional controls to ensure compliance by leveraging our cutting-edge technology and in-depth compliance reviews.
We provide the following audit and compliance services for mortgage banks:
Automation of QC processes or audits using loan data analytics tools across operations.
Implementation of Compliance tools to track interactions and fee changes to confirm compliance and simplify auditing at every step of the process.
Automation of Uniform Closing Dataset (UCD) preparation and delivery to Fannie Mae and Freddie Mac without manual intervention.
Enables mapping of regulations and standards to internal and financial controls.
Integration of Mortgage Operational Risk Data with Financial Risk Data
Automation of regulatory change management with alerts and tasks
Integration of compliance requirements across all elements of the mortgage process
Looking for an experienced mortgage technology company which can take charge of your compliance requirements, please contact us.