HMDA was back in the news this month with the CFPB’s latest ruling announced and with the year swiftly coming to a close, it is a good time to remind lenders about the rich repository of information their HMDA data contains. The fundamental principles of the Home Mortgage Disclosure Act were designed to create fair access to credit. By understanding…
Back in July, MERS sent a reminder notification to its customers about their upcoming 2019 eQA Plan responsibilities. During that same time, I penned a blog to help servicers begin those preparations in a timely and well-executed manner with their 3rd party provider. Part of that guidance recommended starting the process three to four months out from the time of…
Even though the TRID regulation will see its 4th birthday this October, we still see a lot of our blog traffic searching for this topic. It is likely because the strict penalties a misstep can cause, continues to keep originators up at night. Managing this process between multiple systems, using spreadsheets to compare fees and manual processes to compare document…
Without automation, monthly MERS reconciliation is an operational headache for servicers. Compliance teams are left to manually cull through thousands of MINs (Mortgage Identification Numbers), as well as format and process exceptions line by line. The result is compounding inefficiency and inaccuracy each and every month. By letting automation take the heavy lifting out of MERS compliance, Servicers can experience…
It’s that time of year again when Servicers should begin working with their independent third-party reviewer to complete their mandatory annual MERS quality assurance attestation. Waiting until the end of the year does not allow time for a comprehensive assessment or time to set a remediation plan in place, which jeopardizes a servicer’s compliance position. As an experienced reviewer, LoanLogics…
As I work with lenders to solve for the alphabet soup of compliance, TRID and HMDA specifically, I consistently receive questions around the latest rumblings popping up in the news. Recently I’ve been asked about tolerance violations related to the loan estimate (LE) and closing disclosure, as well as increased investor scrutiny on seller HMDA data. I addressed those questions…
