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


Compliance Tech Addresses HMDA, TRID and QC

2 firms address CA and new NY requirements

March 5, 2018

By SAM GARCIA Mortgage Daily



portrait of Sam Garcia

Mortgage service providers are helping home lenders with quality control and complying with the Home Mortgage Disclosure Act and the TILA-RESPA Integrated disclosures. One product is targeting California per-diem restrictions, while another addresses New York's new security requirements.

The latest release of Fair Lending Magic helps lenders with HMDA reported, a Feb. 26 news release from ComplianceTech said. The update reportedly includes an extensive data validation and verification module for the new 2018 HMDA data fields.

ComplianceTech noted the ability to filter and analyze data with the expanded race and ethnicity filters required in the new HMDA filing data format. In addition, data can now be imported, validated and prepared according to the 2017 and 2018 HMDA submission requirements.

A recently announced tool from ACES Risk Management reportedly improves data validation in the quality control process. The tool is available through ARMCO's most-recent update.

"We created this feature to help our clients relieve a critical pain point of validating system data," ARMCO President Phil McCall said in the statement. "Data integrity issues compromise loan quality, create extra work, and most importantly, increase lenders' risk when they're not caught and corrected. Manually searching for data related errors can be extremely difficult given the amount of data contained in a loan file.

"That's why automation stands to make a major difference in lenders' success in identifying and correcting one of the most frequent causes of critical defects."

ComplianceAnalyzer with TRID Monitor is now able to test TRID, RESPA 2010 and pre-2010 forms to validate California's per diem interest calculations, ComplianceEase recently announced. The enhancement will help lenders comply with a state requirement not to charge per-diem interest for more than one day prior to the disbursement loans proceeds.

Burlingame California-based ComplianceEase made the announcement as four of the top-10 U.S. non-bank lenders have been collectively fined $13.3 million in the last year-and-a-half because of per-diem interest calculation violations.

Mortgage Quality Management and Research, LLC reported earlier this year that its Internal Audit offering meets or exceed requirements for seller-servicers to be in compliance with Fannie Mae's Dec. 19, 2017, Selling Guide Announcement SEL-2017-10 update.

Fannie's update describes lender internal audit requirements with regard to independence and reporting lines. The update goes into effect on July 1.

In New York, the Department of Financial Services issued new requirements for to utilize multi-factor authentication -- which Access Business Technologies says it has been providing to home lenders for more than 18 years.


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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