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We in the mortgage industry have just recently become aware of the next round of regulatory updates coming our way. Notification of the Home Mortgage Disclosure Act (HMDA) updates slated for 2018 has just been released, and preparation for compliance is now underway.
But, 2018 seems so far away, doesn't it? If you think back on when TRID was first announced and then how quickly the time passed, you realize that these updates are closer than we might think. Many organizations were scrambling last minute to get into compliance with TRID, and the same thing could happen with the HMDA updates if we aren't careful.
As with any regulation that we encounter, the best time to start is always now. Great leaders are always thinking several years ahead. If you wait until last minute to figure out what you need to do, you will be playing "catch up" while your competition has already moved on to the next thing. If you want to stay ahead of the competition, you've got to prepare for the things that the competition is putting off.
Have you developed the necessary habits in your organization that enable you to jump right in and tackle these regulatory updates when you first hear about them? If not, you might want to do some restructuring in your operations. In today's marketplace, only the nimble survive. If you can react immediately, you'll be left behind by those who can. So, don't put it off until last minute—get started as soon as possible. The best time to start is now.
David Lykken, a 43-year veteran of the mortgage industry, is president of Transformational Mortgage Solutions (TMS), a management consulting firm that provides transformative business strategies to owners and “C-Level” executives via consulting, executive coaching and various communications strategies. He is a frequent guest on FOX Business News and hosts his own weekly podcast called “Lykken On Lending” heard Monday’s at 1:00 p.m. ET at LykkenOnLending.com. David’s phone number is (512) 759-0999 and his e-mail is [email protected].