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The new compliance paradigm: How business intelligence and big data are changing the mortgage landscape

The new compliance paradigm: How business intelligence and big data are changing the mortgage landscape. Chris Edgington Sr. Industry Solutions Marketing Manager, Kofax, Inc. David K. Moffat President & CEO, Mortgage TrueView Dimitri Seneca Snowden

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The new compliance paradigm: How business intelligence and big data are changing the mortgage landscape

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  1. The new compliance paradigm: How business intelligence and big data are changing the mortgage landscape Chris Edgington Sr. Industry Solutions Marketing Manager, Kofax, Inc. David K. Moffat President & CEO, Mortgage TrueView Dimitri Seneca Snowden Senior Systems Engineer and Visual Strategist, Altosoft Moderator: Richard Bitner President, HousingWire In partnership with

  2. Today’s Regulatory Environment

  3. Compliance Costs Around the U.S.

  4. Focus and Priority on Regulatory Compliance Source: CDW

  5. Forced out of Business – Smaller Banks Unable to Comply In the News: Thursday, February 13, 2014 • Basel III capital rules could cause more banks to unload servicing rights • Institutions that rely on mortgage banking could be forced to seek partnerships with more diversified institutions • Some independent mortgage bankers are "too small to comply“ • Get bigger, hire attorneys, get guidance on compliance issues

  6. Small Banks’ Disappearing Act Number of Banks with $100 Million or Less in Assets

  7. From Siloed to Shared and Collaborative

  8. Best Practices for Regulatory Compliance • Invest In Technology That Multitasks • Apply Analytics to Paint a Clearer Picture • Make Compliance a Business Priority • Extend Controls from Back Office to Front Line

  9. 4 Pillars of Mortgage Automation

  10. Kofax Mortgage Automation Platform

  11. The Case for Intelligent Governance in the Mortgage Industry Presented by David K. Moffat President

  12. Mortgage Industry Drivers Demonstration HMDAnalytics Case Study Research Project 13

  13. Business Intelligence Drivers • Strategic Drivers • Regulators are embracing Business Intelligence • Risk Management Matrix • Transparency • Tactical Drivers • Know more about your data than your regulator(s) • Know how regulators are using your data • Return on Investment Business Intelligence (ROI BI) 14

  14. Strategic Drivers:Business Intelligence and Regulators 1 1See http://www.fdic.gov/about/strategic/it_plan/BusinessTechnologyStrategicPlan2013-2017.pdf 15 15

  15. Strategic Drivers:Business Intelligence and Regulators 1 1 1See www.consumerfinance.gov/strategic-plan . Image retrieved March 21, 2014 16 16

  16. Strategic Drivers:Risk Management Matrix Fail Pass Fail Fail 17

  17. Strategic Drivers:Transparency 18

  18. Completeness Quality Content Context Tactical Drivers:Know Your Data 19

  19. Absolute Benchmarking Adverse Outliers Relative Benchmarking Adverse Trends Tactical Drivers:How Regulators Use Your Data 20

  20. About Benchmarking • Executives respond to benchmarking: • Benefits: • Current-state Assessment. A rigorous baseline of cost, quality and cycle time, external and internal comparisons of cost and performance, and the identification of meaningful gaps enables fact-based, defensible understanding of the function's cost and effectiveness. • Basis for Change. An effective benchmarking initiative enables an organization to more easily identify and prioritize opportunities which, in turn, results in more informed and relevant improvement targets and a stronger overall business case for the transformation effort. • Basis for Continuous Improvement. Benchmarking supports a culture of managing by metrics and by enabling periodic measurement against the initial baseline. • Standardization. A standard set of terms and definitions for key aspects of a company's business processes enables the enterprise to share the same level of information about the state of the enterprise's operations. 21

  21. Drive Revenue Control Operating Expenses Control Regulatory Compliance Costs Reduce Fines and Penalties Tactical Drivers:Return on Investment Business Intelligence 22

  22. About Mortgage TrueView 23

  23. Questions? A recording of this presentation will be available on HousingWire.com/webinars

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