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Continuous QA approach empowers lenders to self-audit staff for compliance with fair lending, consumer protection and best practices

April 14, 2020 Philadelphia, Pennsylvania – Are your loan officers putting your company at risk? This is the key question LodeStar Software Solutions and RDAssociates are looking to help mortgage lenders answer. Their proprietary Quality Assurance (QA) testing program for mortgage lenders will ensure lending staffers are in compliance with regulations supporting fair lending, consumer protections (i.e. RESPA, TILA, ECOA), as well as internal protocol procedures.

The partnership will proactively work with lender clients in advance of audits, training consumer-facing personnel to understand all policies and procedures in place to support compliance efforts. The expert compliance team will also focus on particular areas of concern and company specific requirements in order to customize the QA process.

According to Jim Paolino, CEO and Founder of LodeStar, “Our service allows a level of peace of mind to mortgage lenders—especially at a time when high loan volume and a majority of staff working from home is making it difficult to stay on top of your organization.”

According to Richard Douglass, President of RDAssociates, compliance monitoring needs to be a continuous process for mortgage lenders.  “It’s one thing to properly train and educate one’s loan officers or account executives as to consumer-focused compliance, but quite another to ensure that training is being effectively utilized every day in the real world of mortgage lending. Lenders have a choice: regulate themselves or wait for the CFPB or another regulatory body to do it”

 

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