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Ten years ago, one hardly would have guessed that a single word could so strongly define the mortgage industry – but “compliance” has quickly become the primary theme and driving force behind operations and strategy for our industry as a whole. On the cusp of the presidential election, mortgage professionals across the nation are now waiting to see how any impending changes will impact the regulations that have been a premiere catalyst for change in recent years.
In this ever-evolving industry, how can lenders and other banking institutions continue to grow, yet remain nimble enough to cope with a flood of regulatory changes? The answer lies in strategic vendor partnerships that provide a direct and transparent view of compliance.
Over the last few years, we’ve seen a massive influx of mergers and acquisitions that have effectively reshaped the standard vendor model within the mortgage space. Large-scale companies with increased stability and financial backing have been strategically acquiring innovative, entrepreneurial businesses with strong growth potential, and blending them into hybrid mortgage divisions that can simultaneously offer both stability and flexibility in an industry that demands both.
As compliance regulations evolve and shape our industry, these single-source vendors provide an alternative to the heavily silo’d vendor model of years past.
One such company is Assurant, a global provider of risk management solutions. Assurant has spent the last five years expanding its Mortgage Solutions offering. Now, Assurant’s mortgage services include the valuations, field services and mortgage technology lines (comprised of companies formerly known as StreetLinks Lender Solutions, Assurant Field Asset Services and eMortgage Logic, in addition to newly acquired American Title, Inc.). This robust M&A strategy has been a key component of the division’s growth and success.
“Assurant’s primary strategy for the rapid growth of the Mortgage Solutions division has been to provide mortgage leaders with a single, committed partner throughout the mortgage lifecycle,” said Daniel Hoppes, senior vice president of Assurant Mortgage Solutions. “One of the largest benefits of working with a single-source vendor like Assurant is that lenders can access a clear trail of their compliance from origination to disposition.”
A key issue that the mortgage industry faces in regard to compliance is the varied interpretation of regulations by different vendors and businesses. Wide-ranging levels of adherence and commitment by different providers can make audits both painstakingly lengthy and complicated.
One of the key compliance benefits that comes with working with a large-scale single-source vendor is consistency. When solutions are housed under one umbrella, compliance standards are expected to be consistent across all services – significantly reducing risk for the lender.
For many single-source vendors built on strategic M&As, compliance is a key requirement for consideration. “Before joining the Assurant family, every acquired business had to go through a rigorous compliance checklist,” added Hoppes. “We want our clients to feel confident that Assurant is taking every step needed to support their business in a compliant, effective and risk-averse manner.”
To learn more about Assurant’s mortgage solutions offering, visit their website at www.assurantmortgagesolutions.com.
