Mortgage market participants are typically taking a three step approach to new regulation, according to an Accenture executive.
“In most cases where client organizations are being asked to evaluate regulation they are typically asked to do it in three pieces,” Ghazale Johnston, senior executive, Accenture Credit Services, told this publication.
“The first thing they have to do is interpret it and understand it and really get clear on the intention of what the regulation is. The second piece of it is understanding all of the impacts: which processes are going to change, which people are going to have to adjust their jobs or their compensation as a result, which technology systems need to be put in place, new controls, if you will,” she said. “The third thing I have to do is look at how I’m going to track it and ensure it has been an effective implementation in the intention of what it is set out to do.”