To add one more thing to the list, I would suggest we place more emphasis on preparing for mergers and acquisitions. As the legal landscape continues to change, we need to be prepared for the possibility that we might not be able to meet the new challenges on our own. Leveraging the technology, talent, and capital of another organization may be the key to surviving the regulatory deluge. Whether you'll buy, sell, or merge, now is the time to get your ducks in a row to make sure you look the best you can when that moment comes.
In recent years, I've seen M&A become a major topic on the minds of leaders in the mortgage industry. I can't help but think that the instability of the regulatory climate has something to do with it. Given that the compliance issues aren't likely to go away anytime soon, M&A is something that we should be focusing on more and more. Are you ready for a potential merger or acquisition down the road?
The past several years of industry overall in the regulatory environment has definitely been a tough pill to swallow. For most of us in the mortgage industry, it has been a challenge to adapt the ever flowing stream of changes. We've had to beef up our compliance departments to make sure we're in proper standing. We've had to adopt new technologies in order to meet the new standards. We've even had to train our people on new methodologies to be used in the new environments we find ourselves in.