Frequently Asked Questions
- We're handling our QC internally, would Top of Mind Networks' compliance service replace this process?
- We recommend that clients consider our compliance solution as a complement to their existing QC process. Our main value proposition is that we're constantly monitoring ever-changing State and Federal guidelines whereas it can be difficult for in-house staff to keep up with changes in the law. We'll also give you an objective view of what changes can be made to improve upon your existing QC procedures.
- How quickly can Top of Mind Networks turn around a compliance review?
- Our current turnaround time is 25 to 30 days after we receive your files.
- Is the Top of Mind Networks compliance solution performed by humans or computers?
- Actually, you'll get the benefits of both approaches. Our auditors comb each file by hand ascertaining that proper disclosures are present (based on loan product, State guidelines, etc.). We also use Interthinx's powerful computer applications to double check mandatory calculations.
Attention Lenders!
A typical compliance firm will audit only 10% of your files and can charge upwards of $300 per file. This makes analyzing all of your loan files cost-prohibitive. The question becomes: Which 10% of your files do you audit?
Furthermore, what's the chance the 10% they choose is the same 10% your State auditor is going to choose? The Top of Mind Networks compliance solution is affordable enough to allow our clients an analysis on 100% of their files.