Mortgage companies and mortgage lenders are subject to many federal regulations, including the Equal Credit Opportunity Act (ECOA). CEOs & Accountants need to understand the risks and penalties associated with ECOA. An ECOA error may result from not interacting with the customer monthly and could generate a penalty of $10,000 for each occurrence. It is important to understand the ECOA requirements. MBS gathered this information from reputable sources, but be aware, MBS is nei

Federal regulations dictate mortgage lending activities.

A compliance management system's (CMS) purpose is to ensure all federal consumer financial protection laws are followed.