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

Compliance Corner

Recent mortgage compliance activity and offerings

August 26, 2009


A host of new and improved offerings aim to assist mortgage firms with complying with an array of new regulations. Even the Federal Trade Commission is doing its part to minimize regulatory burdens -- though at least two groups want the agency to do more.

Fiserv Inc. said its loan servicing platform now helps mortgage firms comply with new Truth In Lending Act rules that require an escrow account for taxes and insurance on home-equity loans and high-priced first liens.

The recently implemented Mortgage Disclosure Improvement Act of 2008 enables lenders to digitally deliver TILA disclosures as long as they can provide evidence of receipt, according to an Aug. 14 statement from eOriginal -- which said its SmartSign Web digital signature helps accomplish this. By providing immediate proof of receipt, lenders can cut down on waiting periods.

Wolters Kluwer Financial Services, which was recently endorsed by the Alabama Bankers Association, said in a July 27 press release that its CRA Wiz and Wiz Basic technology solutions can help mortgage lenders comply with changes to the Federal Reserve Board's Regulation C that are effective on Oct. 1. The revisions were made to synchronize Reg C's higher-priced mortgage thresholds with TILA thresholds and improve Home Mortgage Disclosure Act loan data.

The media has been flooded with distorted claims about the Home Valuation Code of Conduct, according to an Aug. 10 statement by StreetLinks National Appraisal Services. The appraisal management company said the claims are being distributed by self-serving lobbying groups.

A book authored by appraiser Bryan Knowlton promises to help appraisers get listed with AMCs and increase FHA appraisal orders. The book, 2009 Appraisal Management Company Directory, reportedly covers 180 of the 200 AMCs in existence.

The Consumer Mortgage Coalition and the American Financial Services Association submitted a letter last month to the Federal Trade Commission about the agency's Mortgage Acts and Practices Rulemaking. While the two groups support the FTC's goal of addressing abuses in the mortgage process and would support a regulation specifically aimed at trigger leads abuses, they are asking the agency to address practices that are outlined in the Advance Notice of Proposed Rulemaking instead on a case-by-case basis.

"Questions such as what is an appropriate level of customer service or whether a particular fee is permissible under the mortgage contract cannot be resolved in a 'one size fits all' regulation," the letter said.

The letter went on to say that the FTC should not attempt to expand its Home Owners Equity Protection Act or TILA authority in this rulemaking. Any regulation needs to be consistent with applicable law on unfairness and deception. The groups also said the FTC should allow enough time for recently updated statutes and regulations to kick in before more revisions are made.

A July news release from the FTC indicated it would increase efforts to educate small businesses about compliance with the Red Flags Rule and ease the burden of compliance by providing additional resources and guidance to clarify when businesses are subject to the rule and how to comply. Enforcement of the rule, which is mandated by the Fair and Accurate Credit Transactions Act of 2003, has been delayed until Nov. 1.

Informative Research said it added sample policies and procedures to its broker Red Flags Toolkit in an effort to help its customers maintain compliance. The company said brokers who don't service loans require a narrower scope of procedures than traditional lenders.

The Washington, D.C.-based law firm of Patton Boggs LLC -- which recently formed an alliance with -- has launched Mortgage Banking Update. Among other things, the newsletter includes discussions about mortgage compliance issues.

A forensic mortgage services unit was created by Lenders Compliance Group, an Aug. 11 news release said. The new operation helps prevent regulatory violations and mortgage fraud at origination. It also will provide training.

Mortgage Banking Systems issued a statement last week indicating that new dynamic signature lines on its ProClose closing documents help lenders stay complaint.

Wholesale lenders can ensure that mortgage brokers are maintaining compliance with the Red Flags Rule, state regulations and federal regulation with a new certification created through a partnership between Informative Research and Comergence Compliance Monitoring LLC, an Aug. 13 statement said. The offering also includes business and license history.

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

[email protected]

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