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Home | News | Demand for Compliance Services Grows
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Demand for Compliance Services Grows

compliance-puzzleThe Compliance Group has announced that its list of clients expanded by 20% in the second quarter of 2014, evidencing the fact that demand for compliance services grew.

The group says that businesses added to their roster composed an inclusive mix of "mortgage lenders/servicers, retail and community banks, and credit unions," many of which are located in Texas or California, but a healthy number of the new clients are based in the Midwest, where local regulators are particularly strict. Annemaria Allen, the CEO of the company, said that the increased demand for compliance services across the country is "not surprising" when there are also federal regulations to consider as well.

Among the services offered by The Compliance Group, the new client companies on the list have requested "quality control (QC) reviews, loan servicing QC and audit/compliance program management and support," which Allen says is a "sure indicator" of a change for the industry:

“Mortgage companies are getting serious about embracing compliance and quality control within their organizations.”

Allen went on to say that while increasingly automated workplaces are critical to modern lenders, it is important to keep in mind that the humans involved in the process are also critical to making good loans.

"Combining your automated underwriting system with the wealth of expertise only a seasoned mortgage professional can provide is the best possible formula for the optimum outcome – a compliant and performing loan.  The human element is a must when analyzing risk."

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