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


Compliance Alliances Address Regulations

Recent mortgage compliance offerings

June 11, 2013

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

While there are some new mortgage compliance offerings emerging, many enhancements to such services are being accomplished through strategic alliances and integration.

AllRegs has recently signed up several mortgage firms to use its technology platform to manage internal guidelines. Among the new clients are Avon, Conn.-based Norcom Mortgage; Norwood, Mass.-based Poli Mortgage Group Inc.; and San Diego-based First Nations Home Finance.

Earlier this year, AllRegs -- a Mortgage Daily advertiser -- said it launched engagement-based professional services to meet the documentation needs of mortgage lenders. The services are targeted at departments within the organizations such as mortgage compliance, underwriting and loan servicing.

"Engagement-based services offer the ease of continuing updates and changes without the need for additional contracts or sales meetings," AllRegs Executive Vice President Dan Thoms said in the announcement. "You let us know how else we can support your documentation goals, and our writing team gets back to work without a loss in momentum."

In April, Mortech Inc. said that it offered AllReg's special audio training course, HUD's Final Rule on Fair Lending and Disparate Impact, to its own clients at no cost. The session, which normally costs $265, reviewed the final rule to formalize a national standard for determining when a housing practice violates the Fair Housing Act.

New rules that emerged in January from the Consumer Financial Protection Bureau are addressed by an updated loan segmentation module released by Equator. Clients who use the Los Angeles-based company's EQ Workstation will have built-in compliance tools to streamline the adoption of new CFPB rules.

Compliance RELIEF promises to provide mortgage lenders with a single system to process the majority of their compliance requirements, QuestSoft announced Monday. The new offering is integrated into "all popular" loan origination systems. The system helps with compliance with the Home Mortgage Disclosure Act, the Community Reinvestment Act and the Nationwide Mortgage Licensing System.

QMiS Systems has been launched by Quality Mortgage Services LLC to provide business processing outsourcing and "knowledge processing outsourcing" for financial services firms. The new company, based in India, provides technology support for appraisal management software. It also supports appraisal movement within platforms -- allowing clients to work directly with underwriters and appraisers from the front office.

"More companies are finding that lesser functions critical to client's operations are better outsourced so that professionals can better utilize their time while reducing costs," QMiS Systems Chief Operating Officer Tommy A. Duncan said in the statement. "This is very timely as the mortgage and banking industries begin to shift and prepare for reduced production volumes."

An income verification solution known as 4506xpress was the first to be integrated with the Xerox Mortgage Services BlitzDocs intelligent collaborative network, ComplianceEase said in April. BlitzDocs users can use the product to verify mortgage applicants' income documents and tax returns directly with the Internal Revenue Service.

The SmartGFE service from ClosingCorp has been integrated into Cogent Road's Roohmz Enterprise Loan Production System, a recent news release indicated. A SmartGFE certificate of compliance automatically uploaded directly into Roohmz includes a date-time stamp audit trail.

An alliance between VirPack and IDS Inc. provides eDisclosure integration with IDS' document prep solution while automating the document indexing process. The combined offering promises lenders "piece of mind relating to critical initial loan disclosures."

Participation in a May 15 compliance webinar exceeded 2,000 attendees, "making it the most popular online event the company has presented this year," event host DocMagic Inc. reported. The event was the first in a series that DocMagic is offering covering the final Dodd-Frank rules. Other planned webinars include Ability-to-Pay/Qualified Mortgage, Loan Officer Compensation and the Homeownership and Equity Protection Act.

FormFree Holdings Corp. recently announced that its AccountChek has been used to provide automated verifications on $100 million in assets and deposits. FormFree says its product provides instant digital statements from more than 15,000 financial institutions.

Richard J. Andreano Jr. has been named a Fellow of the American College of Consumer Financial Services Lawyers, according to a news release from Ballard Spahr, where he is a partner and leader of the firm's mortgage banking practice. Andreano is the sixth Ballard Spahr attorney to gain membership, which is by invitation only.


Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

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