A Lender’s Mistake Can Cost You!

Compliance is a big word with big implications. Basically, compliance is a measure of how a lender complies with the laws and regualtions imposed upon them. Working with a lender that does everything within the confines of the law is the best way to go.

If a lender does not comply, they can be fined, lose their license and could end up closed up! But something scarrier than that is the impact it can have on you, the borrower! If certain areas are not properly taken care of, your personal information can be exposed, your payments can be mishandled and in the rarest and worst cases, your home can be taken from you!

Compliance is a big deal and one worth understanding. Popular opinion and the latest news would lead the average person to figure that banks have the advantage and that mortgage brokers should be watched closely. However, this is not necessarily the truth.

For example, it was not long ago that Countrywide (the country’s largest mortgage lender) was in hot water for compliance issues. And while there are examples of mortgage brokers across the country that have had compliance issues, mortgage brokers are some of the most regualted professionals in the industry! The bottom line is that all lenders, banks and mortgage brokers have a repsonsibility to be compliant with regualtions and laws, and none of these are exempt from potential issues.

At Residential Mortgage Center, a Charlotte mortgage lender, we have taken a very proactive approach to compliance. We have put safeguards in to maintain compliance with all Federal, state and local laws. But beyond that, we have a team of professionals working here that are very involved in the legislative process. This puts us right in the cross hairs and requires us to keep our noses clean and our paths straight. As a matter of fact, we have past presidents of the North Carolina Association of Mortgage Professionals on staff. We also have the very rare priveldge of having one of the most influential writers of continuing education programs on staff. This brings us the knowledge and experience and top expertise to ensure that everything we do is above board and compliant!