As published in Scotsman Guide's Residential Edition, July 2005.
Most mortgage brokers don’t understand or appreciate the purpose of compliance and quality control. They feel as though compliance and quality control are enemies of production. Well, they’re not.
If anything, compliance and quality control are production’s best friends and allies. For brokers, compliance and quality control help them make the right decisions, prevent costly mistakes and help make more money.
There are numerous reasons why brokers consider compliance and quality control to be their enemies. When you look at the mortgage brokerage industry, many companies’ top officials once were top-producing, million-dollar loan officers. Unfortunately, as top producers, they were not always exposed to problems in the company’s operations. Unless they have taken Mortgage Bankers Association courses on how to operate a mortgage-banking company successfully, they only know how to do one thing well: originate loans.
Most likely, these producers-turned-owners have little idea about what happens in back-office operations. All they might know about compliance and quality control is that one of the two prevented some of their loans from closing. If it looks, sounds and acts like the enemy, it must be one.
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