Life Subject to Audit

In a highly regulated industry like loan origination, compliance officers play a critical role in balancing the business needs to grow and stay flexible with the ever increasing pressures and risks associated with evolving regional and federal laws. Modern mortgage CRMs like Surefire make the internal and external audit processes easy and seamless. Reporting is key, from tracking the fair market value of print, mailing for mortgage industry compliance, and co-branding services to tracking opt-outs and following other strict marketing rules.

Compliance Pain

The sheer volume of audit requests coupled with the varying requirements regionally and the evolution of those requirements mean that pain points for compliance officers boil down to the ease of control and reporting.

Controlling compliance related issues requires mortgage CRM software with the capability to create an approved content strategy and controls for which tools loan officers and their marketing counterparts are deploying. Key to this control is the ability to bring multi-channel marketing communication under a single mortgage compliance umbrella within the CRM. Control also requires complex hierarchical relationships for permissions ranging from loan officers, to branches (and their DBAs) as well as the corporate entity and its subsidiaries.

Mortgage CRM systems often rely on the marketing team to produce compliance reporting, but modern CRMs like Surefire allow the compliance officer specialized access to do so on demand. Compliance needs to easily report on content used in marketing campaigns including those based on one or more of email, text messages, recorded messages, phone calls, as well as print marketing. Depending on the organization, the compliance officer may prefer to use professional service offerings from the host of their mortgage CRM to produce these reports.

Acronym Soup

Compliance officers are faced with a bevy of regulations to analyze. It amounts to an overwhelming alphabet soup that can force organizations into compliance paralysis. And it is completely understandable why.

Terrified by Technology

Adding to the challenge for compliance officers is keeping track of the technology tools used by Loan Officers. Changes to regulations can introduce risk. Lenders usually respond to regulation by ratcheting down what they’ll allow loan originators to do, but that approach has been known to backfire. Rules intended to reign in employees can exacerbate the same risks they are intended to prevent.

Lockdown can cause top producers to leave or use unsanctioned tools because the approved tools are so limited. This can expose the lender to fines but the pressure to keep these high performers is high in a competitive labor market. A CRM with a well-designed approval management function allows organizations to assert control where necessary while offering leeway to the qualified, trustworthy individuals who deserve it.

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