As the Consumer Financial Protection Bureau begins to examine mortgage companies, the key to such companies dealing with the inspections is to be prepared, said Ballard Spahr partner Christopher J. Willis.

“I think of the [CFPB] as a major force for entities involved in the mortgage industry to deal with,” Mr. Willis said. “Some have never had exposure to supervision before. The exam process can be very intensive. If you’re not properly prepared, it can cause a lot of problems.”