Within the last decade, non-depository lending institutions (e.g., independent mortgage banks (IMBs)) have taken over the majority share of mortgage originations in the U.S. and continue widening the gap compared to depository banks. Given this fundamental shift in market share, it is no surprise that calls for increased consumer protection are on the rise for IMBs to ensure a level regulatory playing field between banks and IMBs.
Given the expanse of potential compliance, operational and reputational impact, IMBs must be proactive and thoughtful in developing a CRA compliance strategy. Beyond the impact, CRA compliance is not an easy problem to solve. It is imperative that IMBs take a sophisticated approach to developing a CRA Compliance strategy and consider several key factors.
Discover more in our latest whitepaper.