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 Compliance & Internal Oversight Departments.
No team is complete without having safeguards. You could have the best team members in every other area, but to err is human. Someone must be there to catch those mistakes, monitor trends is risk, and proactively advise on regulatory parameters when structuring a deal.
The Compliance & Internal Oversight Team, made up of compliance, quality control, and internal audit, ensures every loan meets state, agency, and federal guidelines. These experts help ensure roadblocks do not prevent homeownership, even after you cross the finish line. So how will you prepare for the next race if there are issues with your loan?
The Team’s Responsibilities
The Compliance & Internal Oversight Team has ten members with incredible skill set, knowledge, and experience who ensure the loan process doesn’t veer off track and violate any rules or regulations. Working quietly in the background, these experts are one of the most essential parts of the process. Think of them as the team that tunes up your car so you can enter the race. Without them, you don’t have a car, or in this case, a loan.
This team monitors various components throughout the loan, including process and procedures, disclosure content and delivery requirements, loan dispositioning, verification of documentation, licensing, advertisement, and loan quality. These actions help provide peace and mind to you and your clients, who trust MIG to lead them safely to homeownership.
Think of this team as the reviewers and evaluators of your loan. Working with every department, they help ensure everyone is on the same page, and when changes come up, are there to ensure those changes get addressed as quickly as possible.
The Compliance & Internal Oversight Team at MIG
The Compliance & Internal Oversight Team stays up to date on all regulatory activity, including at the federal, state, and local levels. They keep track of the actions of various regulatory bodies and attend continuing education courses to ensure they know the latest requirements.
This team shares information learned about new mortgage guidelines and regulations with the rest of our team so everyone is on the same page. This is especially important as we enter a more digital age for mortgage loan processing and closing. As a result, the rules and regulations will expand, and our team will always be at the forefront to ensure every loan is compliant and your clients are protected.