Posts on mortgage compliance and industry regulation including TRID, HMDA, and MERS.
In my first post of this series, I discussed a new yearly training program offered by MERS® to certify experienced, knowledgeable independent review firms and the level of detail needed to demonstrate compliance. As promised, I’m back with an examination of recordable documents and its significance in Annual MERS Compliance Reviews. Many internal and external MERS quality assurance reviews tend…
It never fails. You are in the middle of managing a large enterprise-wide project, tech implementation perhaps, or just juggling unforeseen volume and one of the government sponsored entities’ (GSE) ‘comes a knockin’. Many lament that it is bad timing, but in the mortgage industry is there ever a good time? We all saw how the industry was scrambling in…
If you completed your annual independent 3rd party MERS review in 20 minutes or less, you did it wrong and are jeopardizing your organization’s compliance health. Less thorough reviews, likely performed by vendors who have not demonstrated an aptitude for procedural and process expertise, lead to a breakdown in overall operational compliance wellness. Have you heard? MERS is instituting a…
It’s likely you have heard by now, that the CFPB has finally reversed its 2020 decision to temporarily allow certain lenders to forgo quarterly reporting for HMDA. This announcement comes one year after the CFPB initially offered the flexibility in response to the burgeoning concerns and unknowns at the onset of the pandemic. All reporting financial institutions (FIs) will be…
When it comes to HMDA files reviews, leveraging rules-based, data-driven digital technology can ease the burden of HMDA reporting by helping lenders shift from a largely cumbersome to a highly automated process. Automation helps replace manual processes in three specific areas related to HMDA reporting, which we will cover in detail in this post: Data validation, an existence check on…
Last week LoanLogics announced a new product in our HMDA compliance portfolio of solutions, LoanHD® HMDA DirectCheck™. It is an exciting new offer targeted at lenders who have reasonable confidence in their data from their loan origination system (LOS) or other trusted source and want a highly automated, efficient, less costly, and more accurate way of completing HMDA file reviews.…
