The Streamlined Business Blog

CFPB Changes for the Mortgage Industry Driving Strong Interest in Zavanta

Interest in  Zavanta Policy and Procedure Software continues to increase as more aspects of the CFPB’s (Consumer Financial Protection Bureau) come online. Established in 2010, with a mandate to regulate and enforce consumer financial protection laws this year will bring changes for the mortgage industry starting in August 2015.

Gearing up for procedural changes in the way mortgages are handled and the ramp up of the CFBP’s audits has affected many current Zavanta clients and is driving new interest from perspective clients as well. An extensive and often revised CFPB Supervision and Examination Manual outlines the standards and practices provides both guidelines for compliances and an overview of the CFBP’s audit process. It highlights the needs for clear policies and procedures to be compliant and aid in the audit process.   So central is the focus on SOP’s that the first line of the examination guidelines read “The CFPB will focus on risks to consumers when it evaluates the policies and practices of a financial institution.”

Seeking to balance the need to create compliance ready standards and ensuring that the implementation of those SOPs keeps the organization meeting operational goals has been a central theme amongst perspective client inquires. “Its really one of our core competencies,” Notes Zavanta Business Development Manager, “It’s exciting to see the industry looking to get out ahead of this and be able to support them both with Zavanta and the Operations Mapping Methodology to help them meet those goals”

 

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