Over the last few episodes, we’ve been talking about this strategy state supervisors use to approach the rapid change of the financial system. That strategy is called “Networked Supervision,” and it has a lot of different parts to it. There’s the technology aspect with state-of-the-art licensing and monitoring tools; the collaboration aspect, where states share information; and the “streamlining” aspect, where regulators make the process easier for companies and more impactful for consumers.
But really, “Networked Supervision” comes down to three core concepts:
The result of all this is a world where state examiners can fulfill their mandates of protecting consumers and ensuring local economic growth, where companies can spend less time on compliance and focus on serving their customers, and customers can rely on their regulator to be watching out for them and their money in a rapidly-changing, tech-driven world.
Today, we are continuing our focus on point number two of networked supervision: making the examination of businesses better. And we are continuing a discussion on a concept known as “One Company, One Exam,” where large companies operating across the nation could see fewer exams as more states team up to conduct them. But, while we talked about money transmission last time, today we are talking about mortgages. And we’re really fortunate; we’ll be talking to two expert examiners who have both been in the business for more than 20 years about what’s changed in mortgage supervision and what “One Company, One Exam” will mean for them.
I’m Matt Longacre, and this is Simply Stated.