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Mortgage Compliance News | Mortgage Compliance Newsletter | Mortgage Regulations
News about complying with mortgage laws, rules and regulations.

Risk-Based Requirements Among Top Compliance Issues

Recent mortgage compliance activity

Jan. 13, 2011


While plenty of new mortgage regulations are getting lots of airplay, it is new risk-based pricing disclosures that have recently garnered the most attention. Mortgage compliance service providers have also been touting solutions to other new regulatory requirements.

New risk-based pricing rules under the Fair and Accurate Credit Transactions Act of 2003 -- or FACTA -- took effect on Jan. 1, Credit Plus Inc. reported. The rules require lenders to alert borrowers if their credit terms are less favorable than those they provide to other borrowers due to credit-related issues.

Credit Plus, a advertiser, said it will provide the borrower notice, including credit score information, as well as a "written description or graphic showing how they rank compared with other consumers, information on how lenders use their score, and instructions on how to receive a free report that they can check for the accuracy of their information."

Salisbury, Md.-based Credit Plus also said that its services help lenders stay compliant with FEMA Flood Recommendations and the requirements of Fannie Mae and Freddie Mac.

The second major release of Encompass360 included 24 upgrades, Ellie Mae announced. The upgrades make it easier for users to comply with lending regulations, with six of the enhancements focusing on mortgage compliance. Among the upgrades are branch license storage and management, limitation of fees and compliance testing.

Three risk-based pricing disclosures are included in the Encompass360 upgrades.

Dallas-based MRG Document Technologies said that it developed the forms needed to comply with upcoming regulations that mandate changes to Truth in Lending Act disclosures and disclosures for risk-based provisions.

Also helping mortgage firms with the risk-based pricing disclosure requirements is Byte Software, which said that it has worked with the major credit reporting agencies over the past two months to update its interfaces. The risk-based pricing disclosure is provided free as part of BytePro 5.0.

The LoanShield suite of products was launched last week by MDA Lending Solutions to help lenders comply with Fannie's Loan Quality Initiative -- which identifies and implements policy, process and technology enhancements to improve compliance with underwriting and eligibility guidelines. The initiative reportedly identifies critical loan data earlier in the loan process and continues to validate it.

As required by the Mortgage Disclosure Improvement Act, the Federal Reserve Board published an interim rule in September 2010 that becomes effective on Jan. 30, Patton Boggs LLP reported in its newsletter. Interest rate and payment disclosure information must be set forth in a table that is mostly formatted like the corresponding model disclosure published by the Fed.

A subsequent December interim rule requires creditors to disclose the highest interest rate that the loan can reach within five years of the first payment. The rule clarified that creditors should disclose the earliest date that the interest rate becomes effective instead of the date the first payment is due under the new rate. In addition, it clarified the term "negative amortization."

The December rule becomes effective on applications taken on or after Oct. 1, 2011.

Byte Software said in its news release that its technology includes the updated requirements for the TILA disclosure as mandated by the Fed under the MDIA.

An analysis of 2009 Home Mortgage Disclosure Act loan application registry data by TruPoint Partners found that lending disparities between minorities and non-minorities declined. The findings are part of phase one of the analysis.

A Dec. 17 statement from the Federal Trade Commission called for the Federal Reserve Board strengthen rules under HMDA's Regulation C. The FTC recommended that the number of reporting mortgage lenders be expanded. It is also calling for the reporting of additional data fields and additional loan types like reverse mortgages and home-equity lines of credit. Finally, the agency wants the board to make the mortgage data available to the public and useful to researchers while still protecting mortgage applicants' privacy.

A final rule from the Federal Reserve Board increased the asset-size exemption threshold for depository institutions to $40 million from $39 million based on the annual percentage change in the Consumer Price Index for Urban Wage
Earners and Clerical Workers, according to a public filing.

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of in 2000.

[email protected]

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