Mortgage industry compliance and risk management are expected to become “quite substantial in the next five years,” according to one of the co-founders of Digital Risk, a company that plans to add 1,000 full-time professional positions in this area during 2012 alone.
“I wish the government [would] help us and finish all the regulations,” said Peter Kassabov, one of Digital Risk's three co-founders and its president. “Dodd-Frank is not completed yet and there are a lot of moving pieces on the state level of regulation. This makes everybody's jobs-not only ours in trying to help with compliance and risk management, but also our clients' jobs-very difficult.”
Jeffrey C. Taylor, managing director and one of the other co-founders of Digital Risk, said he agrees that, “With all the different regulating bodies trying to fit into a box what the mortgage industry looks like for the next cycle, it's creating a tremendous amount of uncertainty.
“The one thing that everybody is certain of, if they are going to be in the residential mortgage space right now, is that they need to be ultra-careful, to make sure that they are compliant,” he said.
