Why Mortgage Companies Should Embrace Internal Audit
The heightened regulatory focus on the mortgage industry is driving public and non-public mortgage companies to enhance their corporate governance structures by implementing effective internal audit functions.
Internal Audit – Where Does It Fit in the Compliance Puzzle?
The article titled “Internal Audit – Where Does It Fit in the Compliance Puzzle?” by Chris Ortigara and Jim Shankle, published in the January 2016 issue of Mortgage Compliance Magazine, offers a comprehensive guide to understanding the role of the internal audit function in the broader compliance framework. It addresses the confusion mortgage lenders often face in distinguishing between quality control, the Compliance Management System (CMS), and internal audit, especially after the Dodd-Frank Act. The article emphasizes the importance of an independent internal audit function and explores various options for implementing it, from in-house departments to outsourcing, while highlighting the need for a comprehensive, well-documented audit plan to meet Fannie Mae and Consumer Financial Protection Bureau (CFPB) expectations.
