Posts on mortgage compliance and industry regulation including TRID, HMDA, and MERS.
In the mortgage industry, compliance is a day in, day out task that like everything else is affected by business conditions. This is particularly true in a year like 2020 that tested business continuity plans, affected staffing, and redirected much of our attention away from managing the normal ebbs and flows of business to juggling the latest hot potato. (Many…
The mere definition of the word compliance can have a negative connotation. According to Merriam-Webster compliance is defined as: 1a: the act or process of complying to a desire, demand, proposal, or regimen or to coercion 1b: conformity in fulfilling official requirements The mortgage industry has certainly had its fair share of official mandates over the years to make compliance managers and senior leadership…
As May 2020 begins to wind down, a staggering 4.7 million mortgages are in forbearance plans. With 36.5 million unemployed and more businesses finding themselves unable to sustain staffing levels they enjoyed a few short weeks ago, requests for mortgage payment relief are likely to continue to role in. As such, servicers are feverishly working around the clock to help…
Most independent annual reviews of 2019 MERS® compliance are now concluded and our attention is now locked on managing this year’s responsibilities amid a global pandemic. Last year, LoanLogics found, yet again, that inadequately documented procedures leading to misinformation and omissions remained a challenge for servicers. This was even more pervasive as staffing changes occurred within an organization. With 2020…
It’s hard to believe that TRID is now almost five years old. But even as memories of the industry’s massive operational and compliance readiness efforts begin to fade, TRID errors continue to plague lenders. However, while there have been challenges along the way, a lot has still gone right that we can celebrate. The industry will continue to work its…
It’s been a little over six months since LoanLogics last shared some insight on the upcoming redesign of the GSE uniform residential loan application (URLA) here on blogics. With effective date now slated for November 1, 2020 (see URLA Implementation timeline changed below**), it’s a good time to discuss the change further: Changes being made to the form Things lenders…
