How much compliance is enough?

Description

This podcast is our chance to give back to the mortgage broking industry and talk about real issues that are affecting most brokers and loan writers right now. Learning, Validation and Respect = the very foundations of all relationships.

WE DISCUSS IN THIS EPISODE

Brokers are facing more compliance than ever before, but how much compliance is enough? Is compliance good or is it bad?
Compliance gives us a great advantage as mortgage brokers. There has been some compliance that comes out that makes our industry more professional.
As we adjust and become more valuable to our clients, compliance has a role to play. But if consumers tomorrow don’t have any responsibility or accountability, then where do you draw the line?
Consumers do need to take some responsibility for their financial decisions and making sure they understand their finances. Sometimes a line needs to be drawn to protect consumers from themselves.
Today, compliance is a cost of doing business. You want to do the right thing and you want to keep your licence. It’s that simple.
It can be overwhelming with all the new compliance, but if you do the right thing and you stay within the parameters of what a mortgage broker is allowed to do and you document your process and communication, then you will mostly be compliant.
Our obligation is to always provide advice and what we’re doing and saying to the client is in their best interest. If a client kicks against every piece of advice you want to give them, then are they the best client for you?
Compliance is allowing us to have more conscious conversations with ourselves on what type of client we want.
Compliance protects us, and worst-case scenario if something does go wrong you are going to be the happiest you can be when you know you’ve been compliant.

KEY QUOTES

“I have a mixed view. Compliance can be a good thing, as long as it’s executed properly and it’s ultimately driving a better result for the consumer. But there potentially has been additional compliance added that is not necessarily adding to the outcome for the consumer.”
Marissa

“I believe that if you’re not willing to take the compliance seriously, then you probably shouldn’t be in the industry”. 8:36
Marissa

“What are you putting in writing today to make sure you’re protected tomorrow?”
Ruan

“Compliance is only as bad as you make it.”
Ruan

THANK YOU TO OUR PRESENTERS: RUAN BURGER AND MARISSA SCHULZE

More From Marissa and her company, Rise High Financial Solutions:

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Thank You To Our Hosts: Ruan Burger and Marissa Schulze

More From Marissa and her company, Rise High Financial Solutions:

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Marissa Schulze Instagram

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Rise High Financial Solutions