Mortgage Cadence announced significant enhancements to its compliance support services, specifically adding one-of-a-kind “Compliance Modeling” to the Mortgage Cadence Orchestrator platform.
This compliance approach provides reverse mortgage lenders with the expertise and compliance automation tools needed to address constantly changing state and federal rules and regulations.
“The past year has seen significant changes within the Mortgage Industry. The majority of these changes have pushed to the forefront the need for lenders to meet essential compliance requirements. The burden on lenders is dramatic as they seek to meet the demands of regulatory agencies, both federal and state,” stated Michael Detwiler, Chief Executive Officer of Mortgage Cadence.
“We have invested significant amounts of time and resources in our compliance support services which includes Compliance Modeling. Our Compliance Modeling is a paradigm shift that delivers compliance and process within the lending workflow instead of using compliance tools to address issues/errors after the fact. These enhancements are yet another way we proactively assist our clients in meeting these extraordinary regulatory demands.”
Reverse mortgage lenders benefit from this shift in compliance automation by significantly mitigating risks from buybacks, fines and the potential loss of licenses said a company statement.
This enables lenders to dynamically enforce business policies within new regulatory mandates.