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How to Slay the Compliance Dragon: 7 Pillars of Success for New Compliance Officers

Over the years, I’ve noticed that small lenders tend to grow their compliance function from within by staffing it with processors, underwriters, closers or other operations professionals with no compliance experience to speak of. While those individuals may have a mastery of their current roles, they’re usually unprepared when it comes to understanding the interplay of the literally hundreds of federal and state laws, rules, regulations, interpretations, guidelines and best practices that make up mortgage compliance. It’s important, then, to better understand the learning curve for all new compliance officers and what that means for your company.