Quote:
Originally Posted by pauldun170
Your looking at it wrong.
The person at the desk is the entry point..not the whole system.
Absolutely correct.
Financial institutions have to be able to report that they are complying with state and federal laws. However that doesn't deny the institutions to ability to mitigate risk. The key thing is documentation.
|
Both problems boil down to the issue of standardization. My impression is the view from the top of these institutions is the best way to prevent either problem is through demonstrable standardization in lending practices. Right or wrong I think they see more standardization as better which removes their guy at the desk from the equation.