|An online library of state mortgage laws has been released by a mortgage education firm. Two alliances promise to help mortgage companies maintain better compliance, while SunTrust Banks Inc. has signed on to utilize a service that helps it comply with internal and regulatory requirements.
The Mortgage State Law Library was announced by TrainingPro last month. The offering is a collection of state-specific online mortgage courses about industry laws that include help with passing state exams, complying with regulations and analyzing other states.
Easy HUD will meet all of the requirements of the new RESPA rule, an Easy Soft announcement in November said. In addition, the system supports the old RESPA rules simultaneously during the transition period.
DocuTech Corp.’s ConformX compliant closing document system has been integrated into the Del Mar DataTrac loan management system, a recent news release said. The new integration removes mid-tier software, eliminates manual data entry and importing steps, and improves the accuracy and speed of the transaction process.
SunTrust has become a customer of Orchestria, a recent announcement said. SunTrust will use the New York-based firm’s messaging compliance solution to analyze electronic communication channels. The service supports compliance with internal corporate policies and with regulatory requirements of the Securities and Exchange Commission and FINRA.
The Consumer Mortgage Coalition recently wrote a letter to Federal Reserve Chairman Ben S. Bernanke calling for some potential prime mortgages to be excluded from the recently finalized Section 35 classification in the Regulation Z amendment. The group says the benchmark for determining whether the Home Ownership and Equity Protection Act of 1994 applies — interest rates based on Freddie Mac’s Primary Mortgage Market Survey — doesn’t accurately capture all prime loans.
Freddie’s survey doesn’t reflect pricing for jumbo loans, mortgages with loan-to-values above 80 percent and loans insured by the Federal Housing Administration. The coalition suggests that the average prime offer rate be set at 200 basis points over Freddie’s survey or be tied more accurately to the loan type.
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