MBA NewsLink recently talked with Ty Jenkins, founder and CEO of DocuTech Inc., Idaho Falls Idaho, a provider of compliance and documentation technology.
Jenkins founded DocuTech in 1991; it has 75 employees in several states and does business in all 50 states with numerous financial institutions. From 2004-2008, Jenkins served on the Idaho Economic Advisory Council and is a current member of the U.S. Chamber of Commerce. He is also a recipient of Mortgage Banking magazine’s 2014 Tech All-Stars.
MBA NEWSLINK: The industry’s compliance with the Consumer Financial Protection Bureau’s new mortgage regulations is the main focus of 2014, but what specific struggles will mortgage professionals face when trying to achieve compliance?
TY JENKINS: Lenders continue to struggle with the implementation of the CFPB’s mortgage rules due to ambiguities, unresolved questions and a tight implementation period. In addition to these rules, the industry must now take on RESPA/TILA implementation, which is a massive effort as well.
In addition to these two implementations, lenders must continue to make new loans and ensure that borrowers are receiving the best customer service in order to retain business. However, to compound matters, loan volume is also decreasing. Many lenders are searching to find ways to increase loan production and keep business. All of these factors make it tricky for industry professionals to navigate and ensure regulatory compliance, customer needs and business goals are met.
Please click HERE to read the entire interview.