By David Lykken
Special to MPA
I was speaking with a colleague last week about the panic surrounding the TILA-RESPA regulations. Many organizations in the industry are really struggling with retraining their employees to stay under compliance. TRID is just the latest manifestation of a larger issue: when the regulatory environment is in a constant state of flux, how we can we make sure our employees stay up to date?
As with many other things, I think the answer to this question is continuous improvement. You see, many organizations train their employees reactively. A new rule is issued by regulators, and organizations respond--sometimes too late--by scheduling a training session. Here's a better way: train your employees proactively. Make training an integral part of your employees' ongoing development. Build training into your weekly or monthly routine. Offer employees training even if it appears there is nothing to train them on.
Whether you want to do the training in-house, hire a vendor to do your training, or do a little both is a whole other question. There are many great companies out there that offer fantastic training on regulatory changes. But, regardless of how you execute the training, the only way to ensure that your employees are kept up to date is to offer that training on a consistent basis. Even if they're minor, the rules are changing nearly every day. The quicker your employees wrap their heads around these changes, the more effective they will be. Training isn't a single event; it's an ongoing process.
A regular contributor on CNBC and Fox Business News, David also hosts a successful weekly radio program called “Lykken On Lending” that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals . Recently, he started producing a one-minute video called “Today’s Mortgage Minute” that appears on hundreds of television, radio and newspaper websites daily across the United States.