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

More Compliance Deadlines Loom

Recent mortgage compliance activity

May 6, 2009


As third-party lenders outline new procedures for the new Home Valuation Code of Conduct, one new online service for mortgages brokers promises to reduce some of the stress of complying. But following HVCC rules is not the biggest compliance issue facing mortgage lenders this year.

On May 1 -- when the HVCC went into effect -- DartExpress was launched, announced. The online HVCC-compliant system enables mortgage brokers to initiate the appraisal order, track the progress and receive a copy of the final appraisal report. Appraisal fees are collected through an online credit card payment.

DartExpress, however, relies on participation by wholesale lenders.

Users of Ellie Mae Inc.'s Encompass can order HVCC-compliant appraisals from StreetLinks National Appraisal Services -- a advertiser -- directly through the loan origination system, a news release this week said. The anonymity of the appraiser is maintained, while originators receive the completed appraisal report through Encompass.

Solidifi Inc. said yesterday that it successfully launched its HVCC-compliant platform. The service enables lenders to maintain their existing appraiser relationships using their existing fee structures. In addition, Solidifi said it reached a deal to provide its services to the more than 400 banking and credit union customers of UPF Services.

An April 28 announcement from GlobalDMS said many lenders and correspondents are at risk of violating HVCC because of "very erroneous presumptions." The company, also an advertiser with, claims lenders and correspondents can still utilize independent appraisers while maintaining HVCC compliance by using its inexpensive Web-based appraisal management software for residential and commercial appraisals.

Chase Correspondent notified its customers that it planned to launch the Chase Appraisal Management Services Web site, which utilizes Equifax, LSI and Quantrix appraisal management services. Over at Taylor, Bean & Whitaker Mortgage Corp., Security One Valuation Services was chosen as its appraisal management service, while Provident Funding is directing customers to its Web site for its own appraisal management system.

RealTAG helps lenders maintain HVCC compliance by providing a "high-end" automated valuation model, announced last week. With only a prospect's name and street address, users are provided with home values as well as details about property title, household income and the physical characteristics of the property.

Fannie Mae said in Lender Letter 04-2009 that it agreed to fund the establishment of the Independent Valuation Protection Institute, an organization required under the HVCC to accept referrals and complaints for non-compliance. Because that organization is not yet in place, Fannie said it soon plans to announce an alternative, temporary complaint process.

As a result of requirements under the Secure and Fair Enforcement Mortgage Licensing Act, Fannie will require the loan originator's unique identifier assigned by the Nationwide Mortgage Licensing System and Registry on loans with applications dated on or after Jan. 1, 2010, according to Announcement 09-11 issued on May 1. The loan origination company's NMLS identifier will also be required, as well as the appraiser's state license number. If the appraiser was supervised or acted as a subcontractor, then the supervisory appraiser's state license will also be required.

Fannie plans to release an updated 1003 loan application form that reflects the S.A.F.E. requirements.

Analysis and reporting that is required under the Home Mortgage Disclosure Act can be managed through the HMDA Analyzer, ComplianceEase said Monday. The online system improves data integrity and enables users to edit loan records. The system, as well as ComplianceEase's CRA Manager, is reportedly used by the "top ten bank originators."

Both offerings, which can be up-and-running in one day, have dynamic geographic mapping that analyzes the customer's lending patterns in particular locations. Lending patterns can be compared with peer activity in a given locality. In addition, the systems enable verification of data integrity by analyzing borrower names.

Concern over changes to the Real Estate Settlement Procedures Act is the greatest compliance concern this year for lenders, QuestSoft reported yesterday. The California firm, which surveyed 355 lenders about regulatory changes impacting the industry this year, said 74 percent of respondents cited adjustments to fee accuracy rules set forth in RESPA. A little more than half of the lenders cited HMDA changes as a major concern, while just under half cited Red Flags compliance.

QuestSoft said its provides automated compliance software to more than 1,500 financial and lending institutions.

Wolters Kluwer Financial Services is offering $219 Webinars designed to help financial institutions comply with the upcoming RESPA changes. As of Jan. 1, 2010, lenders will be required to utilize a new Good Faith Estimate and revised HUD-1 or HUD-1A Settlement Statement. The company's Webinars discuss new requirements.

The Federal Reserve Board's new Regulation Z requirements will require financial institutions to comply with several Home Ownership and Equity Protection Act requirements tied to a new class of "higher-priced" mortgages beginning Oct. 1, Wolters announced. The service provider said it can help lenders avoid intensified regulatory scrutiny by deploying its compliance management service on-site to update loan processing procedures.

The Minneapolis-based provider said its Wiz Sentinel anti-predatory lending software will also begin testing mortgages against the new higher-priced mortgage threshold by the Oct. 1 deadline.

Enhancements to Wolters Kluwer's suite of mortgage compliance documentation solutions will help financial institutions in the Treasury Department's new Making Home Affordable Program, an April 16 statement said.

"More specifically, they can leverage the company's mortgage compliance documentation solutions to begin participating in the FHA's updated H4H program; Fannie Mae's Refi Plus/DU Refi Plus, Home Affordable and Standard Modification programs; and Freddie Mac's Relief Refinance, Home Affordable and Standard Modification programs," Wolters Kluwer said.

Shortly after the Federal Trade Commission announced on April 30 it would delay enforcement of the new Red Flags Rule until Aug. 1, Compliance Consulting Corp. sent out a statement promoting its $295 Red Flags Rule Package. Among compliance documents included in the package are an employee acknowledgement, employee background check form and a confidentiality and security agreement. It also includes information-security program instructions, policies and procedures.

Another advertiser, AllRegs, announced last month that a checklist of disclosures by state is now included in its state compliance package. Matrices have also been added in each state for permissible fees and for time limits for applications, decisions and closings The annual service starts at $285 per state for one company site.

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

e-mail: [email protected]


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