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From HW Magazine

Compliance All-Stars

Swinging for the fences: these firms are helping their clients win at compliance

Feb 2014 cover

Compliance header

Right before the holidays last year Prashant Kothari published an important message for his LinkedIn followers. The serial entrepreneur and founder of String Real Estate Information Services messaged out: 

“I am not sure which has had a bigger impact on our industry — the Fed or the CFPB! If I had to choose the ‘word of the year’, I would give a joint gold to ‘taper’ and ‘compliance’!” 

HousingWire agrees. And covered the taper in last month’s issue. 

As companies see how the January compliance deadline plays out this month, we thought it an appropriate time to spotlight some of the compliance innovators in the mortgage industry, those who have waded fearlessly into the muddy waters of compliance, carrying clients on their shoulders. 

The world is changing very rapidly and the best compliance firms help businesses stay sharp, even though they may not know how badly they need compliance assistance. 

“As mortgage loan consultants we tell our clients, ‘We know that you know how to close a loan,’ but then we remind them that the compliance world is rapidly changing and they need to be one step ahead,” said Greg Botto, an executive at Quattro Mortgage Solutions. 

Listall Small
A look at the mortgage industry's leading compliance specialists (click for larger view).

Our compliance All-Stars represent all types of companies in the industry: lenders, servicers, subservicers and tech companies, all taking on the challenge of increased regulation with short implementation timelines. Though they come from different parts of the mortgage financing space, there are some similarities among them. 

They have taken an aggressive, proactive position, investing significant resources to help their clients satisfy the regulations. This includes everything from upgrading technology capabilities to hiring more lawyers or creating new QA teams. 

They empathize with their clients — they have a true partner mentality. Through their mission statements, in their interviews, and most importantly, in their customers’ experience with them, their desire to take on the burden for their clients is tangible. 

They are concerned but optimistic about the mortgage industry and the end result of all the changes. It won’t be the same, ever. But it may be better. 

“Not all compliance vendors are created equal,” said Michael Waldron, an attorney at Ballard Spahr. “There needs to be the right fit of experience, approach, risk tolerance, efficiency, etc.” 

All-Stars is an appropriate metaphor for the companies in our compliance spotlight. They perfect their game when no one is looking in order to be prepared when it counts. 

The 2014 Compliance All-Stars:

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