2021 Department Highlight: Compliance

2021 Department Highlight: Compliance

2021 Department Highlight: Compliance

Each year, Mortgage Investors Group helps thousands of homebuyers select the home loan program best suited to their needs. Yet, few people outside of the mortgage lending industry understand the hard work happening behind the scenes that leads up to the memorable day when the borrower receives the keys to his or her new home. To commemorate National Mortgage Professionals Month this September, we’re sharing insights into the important roles each department plays in ensuring our borrowers are able to finance the home of their dreams. This week, we focus on the Processing Department.

  Working Hard for You

Our Compliance staff is made up of four experienced people who help the loan process stay on track and that the loan is valid and complies with federal and state regulations.

“We want to keep everything moving forward smoothly,” said Senior Vice President Cathy Neubert, MIG’s director of operations. “The Compliance Team is in the background, supporting the various major milestones in the timeline of a transaction as the production teams move toward closing.”

The Compliance department provides our Loan Officers and Loan Officer Assistants with instruction and assistance in generating the initial disclosure package and other documents needed to help our borrowers understand what their mortgage financing entails.

“The customer needs to know those very important points about the financing option – estimated payments and estimated cash needed to close – we want to help provide that critical information with as much accuracy as possible, given the information received,” Neubert said. “It’s important to do that early and in a timely manner for a positive borrower experience.”

The Compliance staff serves as reviewers, evaluators and consultants who work closely with other departments so that deadlines are met. Notice of decisions made from prospective homebuyer who are not yet ready to take on that large financial obligation. The staff also assist with changes that can happen during the processing of the loan, keeping the financing in step with the customer’s needs.

“Making sure the borrower has received all the informational compliance documents and there is conformity to the program guidelines; as well as, accuracy of fees disclosed in a consistent manner. We want to help avoid unnecessary delays due to incomplete items,” Neubert said. “Helping keep customer informed and the closing on schedule are our objectives.”

  Why We’re Industry Leaders

Federal regulation of the mortgage lending industry through laws such as the Truth in Lending Act, Fair Credit Reporting Act and Fair Housing Act dates back several decades. Over time, the laws have been revised and updated, and new regulations have been added. It’s our Compliance staff who keeps track of all the changes by attending conferences, seminars and continuing education courses. They, in turn, educate the rest of our company about how to stay compliant with the laws.

“The role of compliance has grown dramatically, especially in the last 10 years,” Neubert said. “That’s true not only at MIG, but across the industry. It’s important to keep a current and positive perspective for the most agile mortgage operation by embracing digital opportunities at every turn. It’s a new day for mortgage lending which MIG is embracing to take every possible digital step.”

We’re always doing our best to efficiently meet our customer’s needs and improve the way we do business, and that extends to using the latest technology to verify and validate loan characteristics through to eSignatures from our customers at all stages of the transaction. “The full eMortgage experience is on its way to MIG and our customers,” Neubert stated.

“One of the good things about being an independent mortgage banker is we only make home loans, the focus of the entire staff is on providing solid information to the customer in an as efficient manner as possible,” Neubert said. “We see efficiency and compliance with regulations as resulting in a good, positive borrower experience….the MIG standard!”


Leave a comment

Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:

  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020