Compliance within the financial services industry impacts the entire organization and is key to the bottom line for firms currently operating in the mortgage space. Comprehensive compliance risk management strategies are required to meet compliance obligations and also protect customers, employees and shareholders.
In general, compliance means adherence to a policy, standard, specification, or law. Regulatory compliance further describes the actions of banks and lenders to comply with relevant laws and regulations. It is interesting that the term compliance has synonyms such as docility, obedience, conformity and submission. In contrast, the antonyms include defiance, resistance, and disobedience.