Unlike the joys of expecting a baby, the next nine months until the new RESPA/TILA laws come into effect could mean non-stop labor pains for your business. How are you preparing for this special delivery?
Compliance To-Do List:
Schedule a Prenatal Visit.
How is your financial institution’s general health? What “vitamins” should you take to supplement your operations and security?
Cut Back On Coffee/Soda.
What policies and procedures might need to be cut back or eliminated to ensure you are compliant-ready?
Decide On a Medical Provider To Help You Through the Process.
How do you plan to take care of RESPA – TILA through technology or manual human processes? How long will it take you to make these decisions? Will these need to be built from scratch? How will you integrate these new processes with your lender platform partners?
Familiarize Yourself With Your Health Insurance Coverage.
Ensuring compliance can be pricy, and even if you do start preparing in advance, unexpected crises can crush your bottom line. Be the smart “parent” and start investing in your future by getting ready for RESPA – TILA now.
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