Big Picture
Having compliant systems and technology is crucial in operating a sound business. Not only does implementing new technology require an organization to consider the technological requirements needed, it also requires an organization to consider all of the relevant compliance requirements.
Client Scenario
A mid-sized regional bank offering diverse mortgage products was undergoing a significant technology upgrade. The bank was optimizing their loan origination system (LOS) to streamline operations for staff and eliminate redundancies. Additionally, the bank was transitioning their point-of-sale (POS) system and pricing engine. These changes, while aimed at improving efficiency, also introduced new compliance considerations. The bank partnered with Asurity Advisors to mitigate potential risks associated with their system upgrades.
Asurity Solutions
Asurity Advisors conducted a comprehensive review of the bank’s newly developed policies, procedures, job aids, and training materials. This review ensured these resources accurately reflected the updated workflows and addressed applicable compliance and fair lending requirements. Finally, Asurity Advisors conducted a thorough review of the new LOS, POS, and pricing engine from end-to-end to confirm that the documentation accurately reflected the functionality and processes. Through a comprehensive review process, Asurity Advisors minimized risk and allowed the client to confidently roll out the new system. Streamlined workflows and accurate documentation further empowered staff and facilitated a smoother transition. As a result, the bank achieved significant efficiency gains in their loan origination process.