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Mortgage Compliance Sector Busy

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A trio of financial institutions and a mortgage banker recently implemented various mortgage compliance systems, while a compliance vendor said it added more than two dozen new customers this year. The service providers, along with many more, have been busy addressing a host of new mortgage regulations imposed as a result of various laws. A national branching operation continues to beef up its compliance staff, while a recently established trade group that counts mortgage compliance professionals among its membership reported the formation of several new committees.

Regulation Z requires home-equity line-of-credit lenders to provide borrowers with detailed documentation when freezing their lines, according to MDA DataQuick. The San Francisco-based company claims its Collateral Validation provides lenders with “ample data in an easy-to-read format” to support suspending access to HELOCs.

Mistakes and erroneously changed fees by loan originators or processors can be prevented by GFE lockdown, according to OpenClose Mortgage Software. Fields on the Good Faith Estimate of Closing Costs can be frozen to a specific dollar value. OpenClose said the accuracy of loan documents are significantly better with its service.

Wolters Kluwer Financial Services has landed The Farmers & Merchants State Bank as a client, an Aug. 19 statement said. The Argonia, Kan.-based institution signed on to use ComplianceOne to process lending and deposit transactions.

Two months earlier, Wolters Kluwer reported that Citizens Bank of Oklahoma started using ComplianceOne. Citizens will additionally be utilizing the offering for business loans.

Financial institutions are now able to determine whether a loan applicant is Hispanic even when race information is not available in the loan file through an update to Fair Lending Wiz, Wolters Kluwer recently announced. The ethnicity proxy reportedly helps improve the quality of reported Home Mortgage Disclosure Act data.

State Employees’ Credit Union recently turned to RATA Associates for its Comply Suite to replace free HMDA software from the Federal Financial Institutions Examination Council.

During the first half of this year, 25 firms became new clients of Idaho Falls, Idaho-based DocuTech Corp. — marking 14 consecutive quarters of growth. DocuTech said two of its new customers are top-200 lenders. The company claims its mortgage document tools “seamlessly integrate” with existing loan origination systems.

IBERIABANK Mortgage Co. will use Miracle Online for loan document preparation, MRG Document Technologies said in a July news release. The online document preparation and delivery system reportedly provides documents and disclosures “vetted by an in-house team of compliance attorneys and experts.”

Earlier this year, QuestSoft announced that 20 updates have been made to Compliance EAGLE since the start of 2010. The updates ensure compliance with new federal and state laws enacted since the beginning of the year. The updates include new escrow requirements on higher-priced mortgage loans under Reg Z. State updates were made in California, Maine and South Carolina.

The loan origination system from MeridianLink supports Reg Z amendments, calculations for loans subject to the Home Owners Equity Protection Act and Regulation C, which implements HMDA, a recent press release indicated.

The Ellie Mae Network was recently enhanced with the PredProtect Compliance Suite, Interthinx announced. Among regulations the offering promises to help comply with are the HOEPA, TILA and Mortgage Disclosure Improvement Act.

Maria Donaghy and Tina Rose have been appointed compliance auditors at Allied Home Mortgage Capital Corp., an Aug. 23 news release said. The moves were made to “ensure a consistent level of compliance with state, federal and agency mortgage regulations among its more than 200 branch offices.”

Donaghy is an Allied state manager for California with 20 years’ experience, and Rose is the state manager for Arizona with 25 years in the business. Both will be supervised by Jeanne Stell — who was hired as compliance manager for the Houston-based company in an apparent response to a critical Pro Public story on the company.

Several new committees were recently formed by the Association of Residential Mortgage Compliance Professionals, a news release said. The Long Beach, N.Y.-based group launched on June 1. The group claims to be the first national organization to offer discussion panels, educational forums and other venues exclusively for residential mortgage compliance professionals.

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