In the article “What's next in mortgage compliance?” financial services partner Don Lampe discussed regtech’s potential to transform compliance in the banking and mortgage lending industry.
Mr. Lampe explained “Today, regtech discussions often are centered on crunching big data for risk management in customer intake, such as under anti-money laundering (AML) laws. While the mortgage industry for many years has benefitted from technology solutions to compliance challenges, today solutions providers are focused more than ever on the acquisition, integrity and analysis of large amounts of data.”
He added “We can’t underestimate the potential impact of machine learning, which over the years has been called artificial intelligence. As online tools iterate through more and more transactions, results not only become more accurate but are more tailored to solving sophisticated compliance and risk management problems.”