New and upgraded offerings recently unveiled by service providers promise to help lenders comply with the Home Mortgage Disclosure Act, the Ability to Repay rule and Fannie Mae’s Day 1 Certainty initiative.
A module created for NetOxygen has been released to help lenders comply with existing and new HMDA reporting requirements, an Aug. 29 statement from Wipro Gallagher Solutions indicated.
Wipro said the module automates the process of completing the Loan Application Register. It also
helps lenders ensure data integrity by automatically validating all necessary demographic information prior to submission.
The Consumer Financial Protection Bureau’s new HMDA reporting requirements take effect on Jan. 1, 2018.
New loan-level data checks and validation for Nationwide Mortgage Licensing System mortgage call reports have been added to Compliance EAGLE, QuestSoft announced on Aug. 21. The enhancement enables corrections during the funding process before the file moves to the compliance department.
A July 28 letter to the CFPB from the
National Association of Federally Insured Credit Unions warned the regulator that the Ability-to-Repay/Qualified Mortgage Rule has resulted in increased staffing expense at credit unions and constrained their ability to provide conforming lending.
“The ATR/QM Rule is yet another instance of the CFPB’s one-size-fits-all approach to rule making causing counterproductive and unintended consequences,” the NAFCU letter stated. “In response to the rule, some credit unions have been forced to stop their mortgage operations altogether because they could not afford to take on the significantly higher compliance burden.”
Strategic Compliance Partners has teamed up with OnCourse Learning Corp. to provide the industry with mortgage and compliance education, a July 21 press release indicated. The alliance reportedly enables lenders to keep up with changes in mortgage regulations — including business process and efficiency, staff recruiting, in-depth compliance analysis and HMDA implementation.
An update recently announced by ACES Risk Management aligns the ACES Audit Technology with Fannie Mae’s Day 1 Certainty initiative.
“Lenders can gain added protection under Fannie Mae’s Day 1 Certainty initiative, but they have to follow certain protocols,” ARMCO Chief Operating Officer Phil McCall said in the statement. “We updated ACES so our clients can automate their auditing process to account for the different checkpoints associated with Day 1 Certainty.”
ComplianceEase’s ComplianceAnalyzer with TRID Monitor was recently endorsed by the American Bankers Association through its American Banking LLC subsidiary, a news release indicated.
Earlier this year, TRK Connection reported that its Insight Risk and Defect Management mortgage quality control audit platform has helped Primary Residential Mortgage Inc. experience significant improvement in the efficiency of its mortgage QC auditing process. The improvement impacted its in-house pre-funding and post-closing loan audits.
