Web-based services have been launched and improved to help mortgage companies comply with a host of regulations. Meanwhile, one mortgage service provider has partnered with another to help home lenders survive an examination.
Weiner Brodsky Kider PC announced on Sept. 19 that its program to to help originators and servicers prepare for Consumer Financial Protection Bureau examinations has been enhanced through a partnership with Newbold Advisors LLC.
The Washington-based company says its
examination readiness program simulates CFPB examinations to measure companies’ ability to detect, prevent and correct practices that may violate CFPB-governed statutes and regulations.
The program also reportedly identifies and devises corrective strategies for potential problem areas and helps companies assemble documents to minimize the audit process.
Weiner Brodsky
Kider Chairman and Managing Partner Mitch Kider noted in the statement that the law firm has assisted more than 35 companies with mock CFPB examinations.
Small and mid-sized home lenders can automate quality control through ACESXPRESS, according to ACES Risk Management Corp. The web-based service supports in-house QC reviews while using minimal internal resources.
ACES explained in the Sept. 27 news release that the service provides
“simplified out-of-the-box features and fast implementation,” giving smaller firms the same QC technology used by top lenders and servicers.
Last month,
ARMCO announced that lenders will find it easier to resolve change-of-circumstance compliance issues with the TILA-RESPA Integrated Disclosures as a result of updates to its TRIDCompare tool.
Data discrepancies between multiple Loan Estimates and Closing Disclosures are automatically detected through optical character
recognition technology that has an accuracy rate of at least 95 percent, the Pompano Beach, Florida, firm said.
Compliance with the CFPB’s Qualified Mortgage rule has been made easier with VOE Xpress, according to ComplianceEase. The solution validates borrowers’ employment and income information through search engines, employment verification databases and confirmation from the borrower’s employer.
An update to LendingPatterns, a web-based tool that helps mortgage firms with fair lending and Community Reinvestment Act compliance, helps identify communities with limited access to credit, ComplianceTech said in a Sept. 19 statement.
LendingPatterns analyzes millions of loan applications for thousands of lenders to produce executive-level reports on numerous aspects of mortgage lending, the McLean, Virginia, firm said.
“These new features are designed to help lender’s identify areas of opportunities and where they need to devote origination resources,” ComplianceTech Managing Director Maurice Jourdain-Earl said in the press release. “These reports also can be used it reveal potential redlining risk.”
