Mortgage Lender Seeks Compliance and Administrative Help
Mortgage lenders work in a regulated, often-evolving environment with outside forces impacting them on a regular basis. Partnering with an HR solutions provider can ease some of those challenges.
A mortgage lender, starting up at the height of the subprime mortgage crisis, needed help during some very challenging business conditions. The housing boom of the mid-2000s, combined with low interest rates, prompted many lenders to offer home loans to individuals with poor credit. When the real estate bubble burst, many borrowers were unable to make payments on their subprime mortgages, causing the most severe recession in decades. During this tumultuous time, many mortgage lenders filed for bankruptcy, were purchased or went out of business. As a result of this crisis, the government enacted new laws in order to prevent a recurrence.
This newly-formed mortgage lender sought help from Oasis to handle compliance with the new standards and deal with the now-growing administrative burden. Oasis’s expertise in the mortgage industry allowed it to help its client in complying with the new requirements for their Mortgage Loan Officers including running background checks, determining eligibility for working on Housing and Urban Development (HUD) loans, tracking required trainings and keeping track of National Mortgage Licensing System (NMLS) requirements.
Oasis used its extensive mortgage industry experience to help this company understand the correct and least risky way to classify and structure commissions, calculate overtime pay for its Mortgage Loan Officers and track benefits eligibility. Oasis was also able to provide detailed and accurate employee records necessary for getting through a state audit without any violations.
Our dedicated team was able to be trusted partner through a very challenging period in the mortgage industry. When many established companies were shutting down, Oasis’s support helped a new business thrive.
Click here for more information on Oasis® HR Solutions for Mortgage Lending Firms.