The mortgage business wouldn’t be the same without mortgage compliance. Love it or hate it (and who loves it, really?), laws and regulations are a fact of life that protect both financial institutions and consumers. While all mortgage compliance rules are important and none should be ignored, there are a few stars that will likely shine extra bright in 2021.
2021’s Mortgage Compliance Star #1: TCPA
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In record-breaking 2020, loan originators and marketing directors had little time to entertain new marketing channels. Many found that texting’s 98% open rate improved transactional communications as they guided borrowers through the refi process.
Here are some reminders about compliance in mortgage marketing:
Unless the contact has closed a loan within the last 18 months or has asked for information within the previous three months, they’ll need to opt-in to receiving text messages.
Contacts must have a way to revoke their consent.
The Do Not Call Registry applies to texts as well as to phone calls. Procedures should be in place to avoid reaching out to numbers on the list.
2021 Mortgage Compliance Star #2: URLA
The GSEs have redesigned the Uniform Residential Loan Application (URLA), and mortgage brokers must start using it by March 1, 2021.
CRM systems that offer a 1003 should make them available early in the year. If a CRM does not provide a loan app directly, it should have partnerships set up to allow integrations with 1003 providers. This way, loan officers can use the CRM to communicate with contacts as they navigate the application process. If the mortgage CRM offers standard communications or workflows to nudge applicants through the process, those should be updated to reflect changes in the form.
2021 Mortgage Compliance Star #3: RESPA
As loan officers switch gears from a refi market to a purchase market, there will be lots of relationship building (and rebuilding) with real estate agents.
It may be useful to revisit the Real Estate Settlement Procedures Act (RESPA), which eliminated referral fees and kickbacks among servicers in a real estate transaction, including agents and loan officers.
A mortgage-specific CRM will help users monitor cost sharing and value sharing. For printed items, loan officers should seek shared payment based on the portion of the piece “used” by the referral partner. The CRM support team should help calculate that portion.
And what about cost sharing for cobranded digital marketing? Surefire CRM offers an industry-leading Partner Network option, allowing real estate agents to demonstrate value-sharing with any Surefire user.
2021 Mortgage Compliance Star #4: Audits
Audits are a mortgage compliance star every year, not just in 2021. Your mortgage CRM should facilitate timely, comprehensive audit reports. Basic reports should be available on a do-it-yourself basis, while the support team should be available for assistance with more in-depth audits.