twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
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

By SAM GARCIA MortgageDaily.com


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 MortgageDaily.com 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 MortgageDaily.com in 2000.

e-mail:
[email protected]


Financial Regulation News | Mortgage Regulations
Bank and mortgage regulators, regulations and regulatory actions. Coverage of regulatory legislation and testimony.

www.mortgagebranchmanagerjobs.com
Credit News | Bankruptcy Statistics | Credit Score Statistics
Credit scores, bureaus & technology. Bankruptcty activity. Credit-related lawsuits, announcements and coverage of F a i r Isaac, E q u i f a x, E x p e r i a n, F I C O, V a n t a g e Score & T r a n s Union.


Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders