Residential lenders have a host of recently launched or enhanced services that will help them maintain compliance with mortgage rules, banking regulations and agency requirements.
An enhanced
web services integration layer for Visionet System Inc.’s complete solution for converting Closing Disclosure images to Uniform Closing Dataset XML was announced on March 24.
The solution, CD2UCD, reportedly addresses situations — like disclosures modified at the closing table and loans acquired through correspondent or bulk channels — where the data required to produce the UCD is not available.
“The enhanced interface allows lenders, closing agents, document preparation providers and loan origination system vendors to easily pass a CD document and the required GSE data fields to the CD2UCD service and receive back a fully GSE-compliant UCD,” Visionet said. “CD2UCD also fulfills single and bulk requests via secure web portal and file transfer mechanisms.”
Cranbury, New Jersey-based Visionet first announced that its CD2UCD service was in full production late last year.
A Jan. 6 statement from
PointPredictive Inc. indicated that its new Independent Model Validation and Risk Review service will help lenders comply with the Office of the Comptroller of the Currency SR 11-7 Guidance on model risk management. The guidance reportedly requires financial institutions to evaluate the soundness of their risk models and monitor them over time to ensure they are performing as intended.
San Diego-based PointPredictive noted that its service, which focuses primarily on model-based fraud solutions and automated valuation models, provides an annual independent validation of current risk models. It also helps lenders mitigate losses by providing a service to test multiple vendor models side-by-side to determine which model or combination of models works best on their lending portfolio.
A partnership announced between MetaSource and ComplianceEase promises to
provide automated compliance testing for loans submitted to MetaSource for review. MetaSource provides lenders with independent third-party compliance reviews of their loan pipeline, while ComplianceEase provides technology solutions to manage operational risk and regulatory compliance.
Previously, MetaSource said its recently launched web-based platform for pre-funding quality control audits, QReview, was designed to streamline and automate pre-funding QC review for lenders who execute this function in-house with existing staff.
Late last year,
First American Mortgage Solutions LLC announced the launch of a vendor management suite to help lenders with compliance requirement. The Santa Ana, California-based firm said the solution helps cut repurchase risk related to vendor due diligence issues by enabling continuous oversight of thousands of counter parties.
