Since our company started presenting MLO classes, there is one word I have heard constantly: Compliance. As in “Before I do that, I will have to check with my compliance officer.” These people wield tremendous power.
Whenever I want a basic definition of a word, I go to Webster’s out of habit. What does Webster’s say in my 2,214 page dictionary? It is:
1. The act of confirming, acquiescing or yielding.
2. A tendency to yield readily to others.
3. Cooperation or obedience.
4. Compliance with the law is expected of all?
Maybe number 4 is the important one. A knowledgeable compliance department is a necessity. My favorite is Theresa Ballard of BFO Solutions Incorporated. To visit her go to BFO Solutions Inc.
For more information: Google “compliance”.