I hope by now everybody knows or should know, that CFPB has increased the reporting requirements for data under the Home Mortgage Disclosure Act (HMDA). Even some people outside of our mortgage lending arena have asked me about it. Go figure. Effective with loan action dates in 2018, lenders need to report 48 loan data elements to CFPB for each…
With the increase of FinTech, technology to support financial service operations, comes RegTech, the technology to address and monitor regulatory compliance. Today, we have the makings of digital mortgages, consisting of online applications, verifications, approvals and closing; the paperless, virtual mortgage. FinTech companies and processes were created to enhance the consumer experience while improving their communication and engagement with financial…
With the TRID 2.0 changes finalized and changes to address the ‘Black Hole’ out for comment, some in Congress are already looking at additional upgrades to the Rule. A Bill sponsored by Representative French Hill (R /AK) was introduced for discussion in the Financial Institutions and Consumer Credit Subcommittee of the House Financial Services Committee. Try and say that one…
The updates to the TRID rules, recently released by CFPB, include a clarification of the tolerance limits for the fees for the services for which a consumer may shop when a service provider list is not provided. These are the fees disclosed to a borrower in Section C of the Loan Estimate. TRID requires a lender to disclose all fees…
Think carefully before you answer. How many times, after closing, have you found that some information about the loan, the property, and/or the borrowers is inaccurate? The LOS data is only as good as the data that is input by humans… and humans make mistakes. Here’s a great article in DSNews about LOS data written by LoanLogic’s President and CEO (my boss),…
Did you know that the Federal Housing Financing Agency (FHFA) put out a Request for Input for Improving Language Access in Mortgage Lending and Servicing? You should respond because what they propose may have a drastic impact on how mortgage lending and servicing is done in the future. The gist of the proposal is to explore ways to better…
