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By: Matt Hydrew and Amanda Phillips, "Compliance Can Be Easy," for Tomorrow's Mortgage Executive

We’ve entered a new paradigm in mortgage lending. Unlike the historical risks to lending like rate fluctuation or other market changes, lenders today know the greatest risk to their business is compliance. Those market-based storms of yester-year were weathered by the most prepared lenders in the space. Now, the compliance-based storms of today bring new risks, which must be properly prepared for in order to stay successful. Fortunately, this seemingly uphill battle is not yours to fight alone. The fast approaching Home Mortgage Disclosure Act (HMDA) Regulation C changes to the Loan Application Report (LAR) bring with it over 30 new data points to collect and report on, and staying compliant can seem hard, but it doesn’t have to be. With proper preparation and technology, even the most complex regulations can become more approachable – almost, dare we say, easy.

Amanda Phillips, EVP Legal and Regulatory Compliance at Mortgage Cadence received the Women of Influence 2016 recognition for guiding Mortgage Cadence through the largest regulation change in 30 years.

In preparation for the TRID effective date last fall, Amanda Phillips led Mortgage Cadence’s product and compliance teams that reviewed the final TILA-RESPA Integrated Disclosure Rule and drafted requirements on system enhancements. Over 14 months prior to the TRID effective date, Phillips traveled to Washington, D.C. to meet with the CFPB leaders and discuss the new rule first hand. Throughout this process, Phillips worked with outside legal counsel, MBA, and MISMO, participated in CFPB roundtables and webinars, and met with other advisors in the industry to validate the company’s proposed implementation of the rule.