The State of Marketing Compliance for the Mortgage Industry
We surveyed mortgage compliance leaders on their organization's marketing compliance practices for insights into trend information on the depth of compliance programs, concerns, and challenges.
Here are the top marketing compliance program insights that mortgage companies can use to benchmark their initiatives in 2023.
Bandwidth, keeping up with regulations, and comprehensive oversight are top marketing compliance challenges
The top marketing compliance challenges for mortgage companies are bandwidth and headcount (32%), keeping up with regulations (25%), and comprehensive oversight (25%).
While budget isn't among the top 3 challenges for 2023, more respondents (17%) reported budget as a challenge this year compared to 2022 (11%).
Smaller compliance teams of 5 or fewer are the norm
Small compliance teams are the norm—80% of respondents said that their compliance teams have only 5 people or fewer.
Mortgage companies don't anticipate a reduction in compliance team sizes in 2023
A majority of respondents (75%) said that they expect their compliance teams to either stay the same or grow in 2023.
Specifically, 41% of respondents expect their compliance teams to grow despite current headwinds facing the industry.
No respondents reported that they expect a decrease in team size.
Fair lending, state regulatory changes, and data privacy are top regulatory concerns in 2023
The regulatory "hot topics" that mortgage companies are most concerned about in 2023 are fair lending (21%), state regulatory changes (19%), and data privacy and protection (17%).
Other concerns include UDAAP and federal regulatory changes.
Employee costs, compliance technology, and consulting/legal services are top areas of marketing compliance spend
With current budgets, mortgage companies are spending on employee costs (39%), compliance technology (27%), and consulting and legal services (27%).
Only 28% of mortgage companies expect an increased budget in 2023
A majority (72%) of respondents said that they don't expect their compliance budgets to increase this year.
Over half of mortgage companies lack compliance monitoring on at least one marketing channel they're currently using
56% of mortgage companies reported that at least one marketing channel that they're currently using is not monitored for compliance.
No matter what marketing compliance challenges your company faces, PerformLine has a solution.
Struggling with comprehensive oversight of loan officers? Our omni-channel compliance monitoring solution can help with that.
Trying to keep up with an ever-changing regulatory landscape? Our ready-to-use rulebooks cover a wide range of existing and new regulations and guidelines for your industry and product(s).
Budgetary or bandwidth restraints? PerformLine can help ease the strain on your compliance team while increasing your coverage.
Don’t know where to start with your compliance program? We have years of experience working with other mortgage companies and can get you started.