Here's how to prepare for a CFPB audit

SOURCE: Mortgage News Feed

In the mortgage industry, the potential for an audit by the Consumer Financial Protection Bureau is often associated with either fear or uncertainty. Following the mortgage meltdown of the early 2000s, increased levels of government oversight became a new reality, with watchdogs like the CFPB ensuring mortgage companies are complying with the federal guidelines designed to protect consumers from unfair lending practices. Central to ensuring adherence is a robust policy and procedure management framework that is designed to allow organizations to determine if their internal structure supports the requirements they are expected to uphold. Adhering to established policy management practices is also vital for being prepared for an unexpected visit from the CFPB. Audits are announced with only a few weeks’ notice – if your house isn’t in order by the time the audit is scheduled, it’s likely too late to establish a track record of building internal policies that show evidence of protecting consumers and training employees to act in accordance with CFPB best practices. Read Full Article Here >>


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