Notes on the 2016 HMDA Data and the Avalanche of Data to Come
Things are getting very interesting on the HMDA data front. Near the end of September 2017, the 2016 public HMDA data was released. By April 1, 2018, the 2017 national HMDA database will be made...
View ArticleYour License is YOUR Business
ALERT: You have less than 60 days to renew your license for 2018. The clock is ticking, and the annual renewal period begins Nov. 1 and runs through Dec. 31. This year, there are a few more specifics...
View ArticleSettling in with the ‘New Normal’ in Reverse Mortgages
By Tory Barringer If your business is anything like most others existing in the reverse mortgage space right now, then the last week of September was a busy one for you. That was the last week of...
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Workflow and Compliance: Benefits of Mortgage Process Automation
By John Park Supporting today’s seemingly endless list of regulatory mandates is one of the biggest challenges facing servicers. Despite numerous regulations, there is still a wide range of practices...
View ArticleRacing with Cyber Security
In October 2017, Mortgage Compliance Magazine featured cyber security compliance to help highlight National Cyber Security Awareness Month. According to a September 2017 Grant Thornton study, federal...
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The Mortgage Market is Shifting: Why You Should Adapt
By Tony Thompson There are shifts happening in the mortgage marketplace, and they’re pretty seismic. Consumers have shunned the olden ways of filling out paperwork and sending documents over fax in...
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Complying with the Diversity and Inclusion Standards
Complying with the Diversity & Inclusion Standards of Section 342 of Dodd-Frank Through Sponsorship Programs: Key Considerations for Development and Implementation By Brian Pedrow, Dee Spagnuolo...
View ArticleIt’s Just Compliance Training – Who Cares?
By Tammy Butler “It’s Just Compliance Training, who cares? We just have to show our examiners that we checked off a box and that people were trained to satisfy regulatory requirements.” Without...
View ArticleProduction Incentives – Incenting Unwanted Problems?
Financial institutions sometimes choose to implement incentive programs to achieve business objectives. When properly implemented and monitored, reasonable incentives can benefit consumers and the...
View ArticleRisk Assessment – What, Why, When
“Lack of direction, not lack of time, is the problem. We all have twenty-four-hour days.” Zig Ziglar, Motivational Teacher and Trainer Risk. It’s inherent in the business of lending money. Financial...
View Article2017: Taking a Momentary Look Back
“Don’t stumble over something behind you.” – Seneca, Roman Stoic philosopher Wait! Not the kind of look back as would be required by a regulator for noncompliance or a documented deficiency to a...
View ArticleHere We Come Compliancing
“Here We Come A-wassailing” (or Here We Come A-Caroling) is an English traditional Christmas carol and New Year song. The wassail bowl itself was a hearty combination of hot ale or beer, apples,...
View ArticleAsk the Compliance Experts: January 2018
Question: For some strange reason our company does not want us to issue the CD more than 7 days before the borrower signs their loan doc’s. Is there some regulation regarding the 7 days or is this a...
View ArticleMortgage Compliance Professional of the Month for January 2018: Bendee Bess
Congratulations, Bendee Bess, on being selected Mortgage Compliance Magazine’s Mortgage Compliance Professional of the Month – January 2018! Bendee Bess joined Bank of Dickson, in Dickson, Tennessee,...
View ArticleMonthly State Regulatory Update: January 2018
California Building Homes and Jobs Act – Effective as of January 1, 2018, the state of California will commence imposing a $75 per transaction fee (not to exceed $225) on recorded documents. This fee...
View ArticleJoin the Krewe at NMLS
The NMLS Conference is coming to New Orleans in early February, so join the regulatory ‘krewe’ in the Big Easy. A krewe is an organization that stages a parade during Carnival season, which ends with...
View ArticleYour Customer Due Diligence Program – Time to Fill in the Gaps
With the beneficial ownership rule deadline right around the corner, we’ll spend some time camping on Customer Due Diligence Program elements. We’ve all been required to know our customers for quite...
View ArticleU.S. Attorney’s Office Charges Suburban Mortgage Brokers with Fraud
Brokers Allegedly Controlled Property Appraisals in Scheme to Defraud Lenders 12/14/2017 11:07 AM EST CHICAGO — The U.S. Attorney’s Office in Chicago has charged two suburban mortgage brokers with...
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Speak the Right Language: Compliant Reverse Mortgage Marketing
In a prior article published in Mortgage Compliance Magazine, I wrote about the opportunities in the reverse mortgage space for forward mortgage companies. In this article, I write about both the...
View ArticleOregon Begins to License Residential Mortgage Loan Servicers
With Oregon scheduled to begin accepting mortgage loan servicer license applications through the Nationwide Multistate Licensing System (NMLS) on November 1, 2017, we wanted to update our August 16,...
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