Can Technology Keep Pace Mortgage Regulatory Reform?
The Compliance Technology Obstacle
While attending the Mortgage Bankers Association Regulatory Compliance Conference in Washington DC, the MBA workgroup discussion addressed the vulnerabilities mortgage bankers have with current compliance and how their hands are tied as a result of the technology providers having to catch up to their technology. The compliance technology upgrades are beyond simple code writing.
The problems are overcoming the technology challenges as many technology vendors redesign the entire architecture of the end-user interface, data tables, data sets, data bridging, and integration. At the same time MISMO, Mortgage Industry Standards Maintenance Organization, has its work cut out in integrating with the respective MBA workgroups in efforts to share information and the strategic picture of compliance and quality assurance.