Mortgage lenders and enterprises must comply with several federal and state regulatory measures, but how does compliance really look like in the mortgage industry? Welcome to Botsplash.TV, I’m Willem Osuch.
Regulatory measures are put in place to ensure integrity, privacy, and fair treatment in mortgage lending, making it vital for mortgage lenders and enterprises to be compliant with such measures.
The Telephone Consumer Protection Act or TCPA which we’ve covered here on Botsplash.TV is one form of regulatory measure lenders must comply with. Lenders must maintain internal lists of consumers who have opted out from receiving calls from said lenders as well as adhering to not calling or texting after hours of operation.
Conversation audit histories and flagged conversations are other, internal, enterprise-level related examples of how lenders can maintain compliance. By maintaining log accounts of all lender-borrower conversations or even conversations that have been flagged, compliancy can be approached with transparency and accountability.
This has been Botsplash.TV, I’m Willem Osuch, thank you for watching.