Compliance   MRGDocs   

The Old Doc Prep Roadmap is Obsolete

This article was orginally published on the PROGRESS in Lending Association website on May 30, 2017:

As a lender, we believe your focus is, increasingly, on generating and maintaining a profitable origination business in this volatile market. Constantly worrying about the enormous and ever-changing regulatory landscape can be an unwelcome interruption. Your burden is too great, and the risk is too high, to rely solely on internal staff or outdated doc prep to provide legally defensible compliance in the origination process.

As regulatory pressures mount, there is an immediate and compelling need to re-evaluate and update your institution’s capacity to continuously analyze and competently implement mandated changes. This impacts your ability to produce compliant disclosures and documents for all your lending needs.

As a lender, document preparation is always a major concern. The smallest error or omission can lead to:

  • Regulatory Fines & Damage Settlements. Failure to prepare documents in a way that aligns with both local and federal regulatory requirements can result in fines from regulators as well as class-action lawsuits from borrowers. These fines could drain millions of dollars from a lender’s cash flow.
  • Reputation Damage. The inevitable negative press that accompanies any kind of lending violation could impact the lender’s public reputation. The specific effects of such a blow to a lender’s reputation will vary from case to case but could result in lost loan origination opportunities or drive away potential business partners.
  • Restrictions on Lending Operations. Some lenders may face official restrictions on their lending operations as a result of a regulatory compliance violation.

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What Should a Compliant Document Solution Roadmap Include?

The ideal solution must include compliance and legal guidance, dynamic document technology, and industry expertise to help you navigate these challenging market conditions.

To be more specific, the ideal compliant document solution mitigates your risk and provides you with a competitive advantage by delivering….

You can read the full article on the PROGRESS in Lending Association’s website: The Old Doc Prep Roadmap Is Obsolete

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