Watch NTC's COO Michael O'Connell answer "What are the impacts from new Federal regulations on 3rd party suppliers?" In the past, third party suppliers to banks and mortgage servicers were, to some degree, insulated from the effects of regulations. The recent guidelines from the CFPB, OCC and the Fed, however, appear to have heightened scrutiny on the banks. As a consequence, it also affects the third-party supplier.
The OCC and other regulatory agencies have identified the inadequacy of Enterprise Risk Management (ERM) as one of the main causes of the credit crunch of 2008. In this video, Nationwide Title Clearing industry expert Myron Finley answers how ERM is important in the mortgage industry and addresses ways ERM can mitigate loss and lower your exposure to risk.
