The UDAAP law is driven by principles. Lenders need to embrace the spirit of the law to ensure compliance, rather than fall foul by dealing with it in a rule-based way. While technical regulations governing mortgage servicing, has often been a big challenge for mortgage servicers, complying with UDAAP – or unfair, deceptive or abusive acts or practices has always…
Although regulatory pressures are some of the most important ones facing the entire mortgage industry today, lenders surveyed in a recent project by National Mortgage News are focusing their attention away from defense focused compliance goals, into opportunities to improve their competitive advantage in the marketplace instead. Although regulatory compliance is still a key issue for lenders across the country,…
Dating back to 1980s the concept “outsourcing” came from the American Glossary “outside resourcing”. In it’s true sense, it referred to finding resources outside the organization for certain tasks that are either existing pain points of the organization or soon to be. Over the last two decades this concept has been very popular in businesses across the world and outsourcing…