July 7, 2015 With stricter regulations for all types of lenders, from small community banks to large national banks, the industry has had to adjust to escalating compliance expenses. This has significantly affected mortgage operations with increased quality control (QC) ans staff salaries. In fact, according to Thomson Reuters' "Cost of Compliance 2015," a survey of nearly 600 compliance professionals from financial services firms, two-thirds of the firms were expecting skilled staff to be more expensive in 2015.
The rising expense of compliance has in turn affected mortgage operations greatly by rising staff expenditures. As it has in other areas of the industry, technology can help alleviate some of the steep costs that come with becoming and remaining compliant.