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52 THE ONLY CONSTANT IS CHANGE Automation is critical to solving next year's compliance challenges. Feature By: John Vong It was ancient Greek philosopher Heraclitus who determined "there is nothing permanent except change." It's hard to believe Heraclitus could imagine just how much things would change more than 2,500 years later, but his theory certainly applies to the residential mortgage compliance world, which grows more complex with every passing year. As the market continues to evolve in the wake of a global pandemic, lenders and servicers face several regulatory and industry compliance challenges in 2021 that will be impossible to ignore. From changing QM loan characteristics to RONs to ongoing disclosure issues—in addition to a likely market shift— there's a lot for lenders and servicers to wrap their heads around. With a new presidential administration and the possible increase in regulatory oversight, there may be even more challenges in store. At the same time, new and recent advancements in technology are poised to help more lenders and servicers avoid compliance headaches that inevitably lead to reduced efficiency, additional costs, and risk. Many servicers are unaware of just how far automated compliance technologies have come in recent years—nor are many aware of the enormous benefits they provide throughout the mortgage lifecycle. 52