As lenders seek ways to address compliance and repurchase concerns with HUD, Fannie Mae and Freddie Mac, one technology provider is seeing a large spike in the number of people utilizing their work groups talking about key industry issues.
Mortgage Builder provides its users with work groups offering instruction, advice and an open forum to discuss critical industry issues affecting their loan origination and servicing businesses.
The Southfield, Mich.-based provider of loan origination and
“Clients are more aware than ever that staying abreast of regulatory requirements and loan repurchase parameters is an integral part of doing business in today’s market,” said Melissa Kozicki, director of compliance and client development at Mortgage Builder.
Work groups meet via conference call on a regular basis, said Kelli Himebaugh, corporate vice president at Mortgage Builder, with the regulatory compliance group currently the most active talking about issues on a weekly basis.
“The increase in activity is directly related to soaring client concerns in this regulatory environment. No one wants to be subject to repurchase demands and penalties for noncompliance with Dodd-Frank and CFPB regulations,” Himebaugh added.
Phyllis Hilger, vice president of mortgage operations at Howard Hanna Mortgage Services, said attending the work groups help make sure the real estate, insurance, title and closing firm based in Cleveland remains compliant to regulatory concerns.
“Having the ability to discuss issues with other Mortgage Builder users has been instrumental in helping our company become confident that we are well prepared for compliance with current and prospective regulatory requirements,” Hilger noted.
“These group meetings are helping us to be ready for the challenges that lie ahead and provide a sounding board for a broad spectrum of critical matters affecting the mortgage community.”
