Policies and Procedures describe a company’s operating practices and how they adhere to consumer protection laws. They are active and live documents that are expected to change as a company finds defects in their operations.
Any change to a company’s practice covered policy or procedure must first be reviewed by a compliance committee and if agreed updated through the Change Management Policy instructions. Regulators will inspect your documents to insure lenders and servicers are following this process.
VP Compliance Services develops its clients policies and procedures to meet regulators expectations and train clients on how to operationalize and audit them.