In this article, I outline the key questions that should be asked, the answers to which will determine the extent, depth, and integrity of a culture of compliance. I am going to take you through a set of questions that will form the basis of a self-assessment. This type of internal review should be undertaken in order to set a baseline and determine progress towards compliance with mortgage acts and practices, and certainly the new mortgage rules. During any such evaluation, keep in mind that this is a due diligence process which is subject to an institution’s size, products offered, risk mitigation, complexity, and overall strength of the existing compliance management system.
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Topics: Chief Compliance Officers, Compliance, Corporate Culture, Dodd-Frank, Due Diligence, ECOA, HOEPA, Internal Controls, Mortgage Escrow Account, Mortgage Loan Originators, Mortgage Servicers, Mortgage Servicing Rules, Mortgages, RESPA, TILA, Valuation, Year-End Compliance Checklist