Mitigating the CFPB Audit Process

2 minute read

May 2016

In the mortgage industry, the potential for an audit by the Consumer Financial Protection Bureau (CFPB) is often associated with either fear or uncertainty. Following the mortgage meltdown of the early 2000s, increased levels of government oversight became a new reality, with watchdogs like the CFPB ensuring mortgage companies are complying with the federal guidelines designed to protect consumers from unfair lending practices.

Central to ensuring adherence is a robust policy and procedure management framework that is designed to allow organizations to determine if their internal structure supports the requirements they are expected to uphold. Adhering to established policy management practices is also vital for being prepared for an unexpected visit from the CFPB.

Audits are announced with only a few weeks’ notice – if your house isn’t in order by the time the audit is scheduled, it’s likely too late to establish a track record of building internal policies that show evidence of protecting consumers and training employees to act in accordance with CFPB best practices. Building a framework now to prepare for an audit is easier said than done, but below are some basic steps to take that will help make the process less daunting.

  1. Start preparing before the audit even develops!
  2. Select a policy management program with comprehensive consumer coverage features
  3. Make sure your procedures and department level activity is aligned with your policies
  4. Demonstrate robust monitoring of third-party services and partners
  5. Be effective at coordination, information gathering and explanation

ProcessUnity’s Policy and Procedure Management solution combines the creation, control and communications tools organizations need to effectively author procedures, make updates, certify employees and manage exceptions. The secure, cloud-based system deploys quickly with little or no IT involvement. Migration tools make it easy to import existing documentation.

For more information on what matters most when building a robust policy and procedure management framework, download ProcessUnity’s latest whitepaper here – or contact us today for a demonstration of our latest addition to the ProcessUnity suite of cloud-based risk and compliance solutions.

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ProcessUnity is a leading provider of cloud-based applications for risk and compliance management. The company’s software as a service (SaaS) platform gives organizations the control to assess, measure, and mitigate risk and to ensure the optimal performance of key business processes. ProcessUnity’s flagship solution, ProcessUnity Vendor Risk Management, protects companies and their brands by reducing risks from third-party vendors and suppliers. ProcessUnity helps customers effectively and efficiently assess and monitor both new and existing vendors – from initial due diligence and onboarding through termination. Headquartered outside of Boston, Massachusetts, ProcessUnity is used by the world’s leading financial service firms and commercial enterprises. For more information, visit