Up at Night: Compliance Related Buybacks
Buybacks can happen for a variety of compliance reasons. We just met with a prospective client who had to buyback 7 loans and sell them as scratch and dent because the points and fees on these loans exceeded the 3% Qualified Mortgage threshold. A competitor’s compliance solution did not catch this issue.
This would not have happened with ComplianceEase, SitusAMC’s automated regulatory compliance system. Our Compliance Audit report would have flagged this issue – giving the lender the chance to cure these errors pre-closing and avoid the costly buybacks.
This is just one of the reasons why ComplianceEase is trusted by leading mortgage originators, capital markets participants and regulators.
For more information, visit ComplianceEase.com