New compliance laws place new emphasis on training

by Donald Horne24 Sep 2015
The new compliance laws being introduced to the industry are placing a greater emphasis on experience – but unfortunately those same regulations are pushing that expertise out of the mortgage space.
“As a corporate trainer I have seen the need for more training throughout the industry,” says Keli Hollowell, training manager with Southwest Funding. “A large amount of experienced people have left the industry due to the new compliance laws.”
Those experienced people have moved into other industries, leaving behind a dearth of seasoned individuals and newcomers not yet familiar with the mortgage industry, says Hollowell.
“We need to train the unseasoned individuals coming into the industry and give them the skills and knowledge they need to do the job correctly and efficiently,” Hollowell told MPA.
While training is needed to bring newcomers up to speed on new regulations – like TILA-RESPA disclosure rule – there also needs to be a focus on what many may consider to be an old-fashioned approach to doing business in the internet age – the face-to-face client meeting.
“I feel that more than ever there is the need for face-to-face interviews with clients due to the fact that there is so many ways a client can run into trouble when applying for a home loan,” says Hollowell. “With face-to-face interviews the loan originators have the opportunity to counsel/coach their clients and help to prepare them for the upcoming mortgage process.”
The face-to-face interviews help eliminate most unforeseen difficulties that can arise during the mortgage loan process, she says, and that those same discussions can lead the client “to a better understanding of the dos and don’ts in the process of buying or refinancing a home.”


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