Imagine wanting to build software in the mortgage industry. You spend your time visualizing the problem your technology plans to solve, but after researching the industry, you realize that when it comes to building mortgage technology, you’re not just building an application. You actually have to take the proper steps to make sure it gets built correctly, and from a compliance standpoint.
If you don’t come from a software or a mortgage background, it will be a long journey. The good news is that there are some key measures that you can follow for how to best navigate building digital mortgage software with compliance in mind.
Digital compliance in the ever-evolving mortgage industry
The mortgage industry continues to evolve with new technology coming in to better serve mortgage lenders, real estate agents, service providers, appraisal management companies and others, so taking compliance into consideration is key.
Whether you’re new to the industry or a seasoned individual coming in to disrupt the mortgage industry with your new technology innovation, you have to consider whether you understand how to address regulatory requirements in the mortgage industry.
For example, a marketing platform needs to track marketing campaigns because compliance officers need to review those campaigns to make sure they don’t violate RESPA (8). If you’re not sure what this means, it’s best to do your research on this topic to ensure your software is compliant.