From toolkits to templates, a handful of mortgage service providers offer products aimed at helping lenders keep current on regulatory rules already in effect or slated for nearing implementation dates. As well, some service providers feature free information hubs aimed at helping mortgage professionals with their workflow while staying compliance savvy.
With integrated Truth in Lending Act and Real Estate Settlement Procedures Act disclosure requirements taking effect on Aug. 1, 2015, Wolters Kluwer Financial Services created a TILA-RESPA Tool Kit to help lenders with navigation and implementation of the new changes.
“Our customers have a need for more information and clarity around these regulations,” Wolters Kluwer Senior Director and General Manager of Residential Lending Art Tyszka said in a July 9 press release. “So, our compliance experts have developed these tools to provide meaningful guidance, help them prepare and limit the disruption to their business.”
Wolters Kluwer’s toolkit features recorded trainings, job aids, gap analysis and project management templates that will be updated through the effective date for regulatory changes. Currently, the product is available for pre-order and will be accessible in September by download from Wolters Kluwer’s TILA-RESPA Resource Center.
As well, Ellie Mae, a Mortgage Daily advertiser, chose July 8 to reveal a series of free webinars and online resources as part of its lender-readiness initiative for TILA and RESPA changes. According to the press statement, Ellie’s initiative is aimed at helping educate mortgage professionals on new disclosure rules for TILA and RESPA and preparing lenders for challenges, risks and workflow changes when the new rules take effect.
Both webinar registration and free resource access are available through Ellie’s Compliance Central webpage. Angela Cheek, Ellie’s vice president and counsel of product compliance, and John Haring, Ellie’s compliance enablement manager, will lead the interactive, hour-long webinars, offered monthly through August 2015.
Since it went live with its QM Findings Reports in August 2013, LoanScoreCard celebrated passing the one million report-generation mark in a press statement last month. Using available loan information and the Consumer Financial Protection Bureau’s Qualified Mortgage Rule requirements, LoanScoreCard provides quantifiable reports that help lenders determine if a loan meets the QM rule.
For credit unions needing assistance with new mortgage and consumer lending requirements set by the Dodd-Frank Wall Street Reform and Consumer Protection Act and other related rules, the National Credit Union Administration launched a Consumer Compliance Regulatory Resource webpage. The NCUA’s recent media notification said its webpage hosts content from agencies such as the NCUA, the CFPB and the Federal Financial Institutions Examinations Council and includes topics on mortgage lending, fair lending and credit cards.
In December 2013, CFPB guidance on lending policies and procedures were addressed. With this guidance in mind, mortgage industry information provider AllRegs unveiled its Procedure Templates service, according to a news release. AllRegs said these templates were created to offer “step-by-step guidance” to lending staff over regulatory-based procedures and their effects on operations.
Delivered as Microsoft Word documents, the one-time purchase templates can be customized by users or by AllRegs. As well, the Eagan, Minn.-based company offers maintenance plans for keeping documents updated with regulatory changes.
In a recent media statement, eLynx said Freedom Mortgage Corp. deployed eLynx’s Expedite Inbox, a secure portal allowing electronic loan document delivery to borrowers.
“The smart application technology is one way we are enhancing our borrower’s experience, increasing our loan volume and staying competitive in today’s market,” Freedom Mortgage President and Chief Executive Officer Stanley Middleman said.
Through Expedite Inbox, lenders like Freedom Mortgage can provide borrowers with electronic reading and signing capability of loan documents while keeping sensitive consumer information private and tracking the sent-received documents process for audit and compliance purposes. For consumers who prefer paper documents, however, Integrated Inbox also features document printing capabilities that allow lenders to print and mail loan papers to borrowers.
