The Role of Compliance in Digital Mortgages



HW + compliance

Imagine you want to create software for the mortgage industry. You spend your time visualizing the problem that your technology plans to solve, but after researching the industry, you realize that when it comes to creating mortgage technology, you are not just building an application. In fact, you need to take the appropriate steps to make sure it is built correctly and in terms of compliance.

If you are inexperienced in software or mortgages, you have a long way to go. The good news is that there are some key steps you can follow to better navigate your digital mortgage software creation in compliance with regulatory requirements.

Digital Compliance in the Ever-Evolving Mortgage Industry

The mortgage industry continues to evolve with new technologies designed to better serve mortgage lenders, real estate agents, service providers, appraisal managers and others, so compliance is key.

Whether you are a newcomer to the industry or an experienced person who has entered the world of mortgage lending with your new technological innovations, you should consider whether you understand how to solve regulatory requirements in the mortgage sphere.

For example, a marketing platform needs to track marketing campaigns because compliance officers need to review those campaigns to make sure they don’t violate RESPA (eight). If you’re not sure what that means, it’s best to research this topic to make sure your software meets the requirements.

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