The Consumer Financial Protection Bureau is a Knockin’, are You Ready to Answer?
A year ago, I mentioned that the Consumer Financial Protection Bureau (CFPB) was going to be knocking on everyone’s door to make sure they’re complying with federal consumer finance laws. That year is up.
While the new Loan Estimate and Closing Disclosure forms the CFPB recently introduced help make the mortgage process easier for consumers to understand, the forms are yet another hoop financial organizations have to jump through.
Here are some common questions people are asking:
- How will the new forms affect my processes?
- How can I track the forms and the hundreds of others that make up a loan?
- How do I ensure the forms flow to the right person and that they’re 100 percent complete and accurate?
Not only are the new forms an opportunity to make things simpler for consumers, they’re also a huge opportunity to make things simpler within your institution. That’s where enterprise content management (ECM) – also called document management – helps. By electronically capturing all your documents, you make them instantly available to your employees, whether they’re at headquarters or a remote branch location.
