On January 30, 2020 MBA Education and CrossCheck Compliance held part one of the Internal Audit webinar series. MBA webinars are complimentary to MBA members. The continuing regulatory focus by the CFPB, the GSEs, and other investors has driven the need for mortgage companies to enhance their corporate governance structures by implementing effective internal audit functions. This function should not be confused with pre-funding and post-closing quality control reviews. It is a separate function and substantially more expansive, including all aspects of your organization. Meeting regulatory expectations is not the only reason to implement an internal audit function; there are other benefits of making this investment including a better understanding of your operational and compliance risks, improvement of the control environment, opportunities for operational enhancements, and the potential for increased efficiencies and/or reduction of risks which could result in cost savings. This webinar explored the best practices for structuring an internal audit function as well as how to develop and implement an internal audit plan.
