Thursday, December 6, 2012

Tech Trends All Center Around Compliance Side

Mortgage Technology Magazine: Tech Trends All Center Around Compliance Side

When asked to name a significant theme in automation, executives participating in a roundtable discussion at the SourceMedia Mortgage Technology Conference in Miami Beach last week, singled out the need to keep up with regulatory demands.

Automation has helped the industry keep up with Consumer Financial Protection Bureau regulations, good-faith estimate fee disclosures and single point of contact requirements that have challenged the industry, the executives said.

They noted that the concerns which various forms of automation aim to help the industry address include efforts to get GFE fee estimates in line with required tolerances in an effort to avoid monetary penalties for breaches, and the need to secure document operations and communications in order to mitigate the rising risk of an audit in today's market.

Participating in the roundtable discussion moderated by director Mark Fogarty and Mortgage Technology managing editor Austin Kilgore were Kelli Himebaugh, vice president, Mortgage Builder; John Guzzo, managing director, Berkery Noyse; and Tim Armbruster, chief technology officer, ClosingCorp. 

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