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

Regulatory Compliance Made Easy

Recent mortgage compliance activity

May 18, 2009


Several trade groups are asking the chief of the U.S. Department of Housing and Urban Development to reconsider his decision to move forward with a new rule even though pending legislation could suspend it. The government is offering help for some companies impacted by the Red Flags Rule. Meanwhile, a host of service providers are eager to help mortgage lenders comply with a host of other regulations.

In a May 14 letter to HUD Secretary Shaun Donovan, 12 groups -- including the American Bankers Association, the Mortgage Bankers Association and the National Association of Mortgage Brokers -- asked the secretary to reconsider implementing revised disclosures under reforms to the Real Estate Settlement Procedures Act.

The groups noted that Donovan had announced plans to move forward with the RESPA reforms despite that H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act -- which was approved by a "substantial majority" of the U.S. House earlier this month -- included provisions that would suspend the implementation of the RESPA rule and require HUD to work with the Federal Reserve Board and align RESPA reform with the Truth in Lending Act. Lenders are being forced to make costly changes even though the new rule may be withdrawn.

The rule is set for implementation on Jan. 1, 2010. The fed is expected to issue a proposed rule to reform TILA disclosures soon.

The trade groups also wrote a letter to the Senate calling for an amendment in companion legislation that would suspend implementation of the RESPA rule.

An online template has been created by the Federal Trade Commission to guide businesses with low risk of identity theft through the process of developing written identity theft prevention programs to comply with the Red Flags Rule. Low-risk businesses include those that know their customers personally.

Dubbed Create Your Own Identity Theft Prevention Program: A Guided 4-Step Process, the template helps businesses comply with the Fair and Accurate Credit Transactions Act of 2003. The Red Flags Rule requires some businesses to implement a written identity theft prevention program to detect warning signs -- or 'red flags' -- of identity theft.

The PredProtect Compliance Suite from Interthinx has been integrated into the DX Closing Document system, Document Express announced Thursday. The alliance enables customers of Document Express to verify high-cost loan thresholds.

Rhonda DeRosa, a client of Document Express, was quoted in the statement as saying, "We are now able to quickly and easily obtain closing packages while still complying with all applicable high-cost and predatory lending tests on federal, state and local levels."

The Compliance EAGLE platform was integrated into ProLender's loan management system, QuestSoft announced on May 12. ProLender customers can complete compliance review through an automated central platform through the alliance. Compliance EAGLE evaluates files based on the requirements of the Home Mortgage Disclosure Act, the Community Reinvestment Act and TILA.

Lenders can maintain compliance with the Home Valuation Code of Conduct by using the Appraisal Independence Management System, AIMSdashboard LLC announced this month. The new online application helps meet requirements tied to appraiser selection while maintaining long-term relationships.

AppraiserLoft, which claims to be "one of the first nationwide appraisal management companies to announce that they are in full compliance" with HVCC, said it "strongly" supports the new code.

A Web site launched by FNC Inc. provides a number of documents and audio presentations about HVCC.

The FTC accepted a consent agreement from James B. Nutter & Co., according to the Federal Register Volume 72, No. 89, earlier this month. The company allegedly "failed to provide reasonable and appropriate security for sensitive information from consumers and employees, in violation of the Gramm-Leach-Bliley Act Safeguards Rule." Nutter didn't develop, implement and maintain a comprehensive security program, and it waited until 2004 to implement notices that were required in 2001. Once the notices were utilized, they were still inadequate.

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

e-mail: [email protected]

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