Docutech Insights

Every Financial Regulation is Under the Microscope

Posted by Fred Gooch on Feb 16, 2017 9:00:00 AM

Every Financial Regulation is Under the Microscope

What can lenders expect from Washington in 2017? 

 

Thought you finally had a grip on the CFPB’s regulatory agenda and major rule reforms? On February 3, President Donald Trump threw uncertainty back into the compliance mix with an executive order directing the Department of the Treasury to examine all of the laws and regulations governing the financial markets, including those set in motion by Dodd-Frank.

What does this mean for lenders still struggling to manage TRID, new fair lending laws, the upcoming HMDA revisions and other regulations?

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Topics: Compliance

Should Non-Purchasing Entities Sign the Closing Disclosure?

Posted by Fred Gooch on Feb 9, 2017 9:00:00 AM

Per its normal procedures, the Consumer Financial Protection Bureau (“CFPB”) requested comments on its proposed amendments to Regulation Z, commonly referred to as the “TRID Amendments.” In response, we provided a comment letter regarding these amendments, not only since they will impact our clients and ourselves once implemented, but also to share our expertise – cultivated through 25 years of providing vendor services – with the CFPB.

 

After posting a blog about our comments, we’ve received requests for more specifics as to their content. To oblige these requests, we are posting excerpts from our letter.

 

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Topics: Compliance

TILA-RESPA Integrated Disclosure Amendments and Disclosing Revised Amounts

Posted by Fred Gooch on Feb 7, 2017 9:00:00 AM

Per its normal procedures, the Consumer Financial Protection Bureau (“CFPB”) requested comments on its proposed amendments to Regulation Z, commonly referred to as the “TRID Amendments.” In response, we provided a comment letter regarding these amendments, not only since they will impact our clients and ourselves once implemented, but also to share our expertise – cultivated through 25 years of providing vendor services – with the CFPB.

 

After posting a blog about our comments, we’ve received requests for more specifics as to their content. To oblige these requests, we are posting excerpts from our letter.

 

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Topics: Compliance

Three Critical Capabilities Your Next Doc Prep Partner Must Deliver

Posted by Harry Gardner on Jan 26, 2017 9:00:00 AM

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The constant onslaught of new regulations over the past six years has forced lenders to become more nimble when adapting to change and innovations. Compliance concerns are tightly linked to nearly every technology decision, whether related to documents, data integrity or reporting fair lending.

 

Embracing the changes needed to address the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act has become a critical imperative for lenders that want to remain in the business. Making the wrong choice when implementing a new technology platform can be as serious as letting older technology drive you out of compliance.

 

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Topics: Customer Service

The Countdown to UCD is On

Posted by Justin Summers on Jan 10, 2017 9:00:00 AM

One of the most significant data changes coming in 2017 will be the delivery of the Uniform Closing Dataset (UCD) to Fannie Mae and Freddie Mac, which becomes mandatory on September 25, 2017. The UCD is a component of the GSEs’ Uniform Mortgage Data Program® (UMDP®) which defines data initiatives for loan closing, collateral, appraisal and loan delivery, in order to enhance data quality and standardization for the industry. UCD defines common industry data around the Consumer Financial Protection Bureau’s (CFPB) integrated disclosure laws; lenders will now be able to transmit the CFPB Closing Disclosure documents and data electronically. This way, regulators and the GSEs see “what the borrower sees.” The files also create an accurate loan file that is consistent for all lenders who sell loans to the GSEs.

 

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Topics: Compliance

Evaluating the CFPB – Cash to Close and the Down Payment Problem

Posted by Docutech on Jan 5, 2017 9:00:00 AM

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Recently, we provided a comment letter for the CFPB. We covered a great deal of ground in our letter and could only give you the briefest of overviews in our post. After it was published, the post got a lot of attention and we were asked for more specifics about our comments.

 

We’ll dive a bit deeper into the information we sent the CFPB in order to answer those questions. The first topic we want to tackle is the Cash to Close table and the issues surrounding it, especially the potential confusion facing borrowers in situations where closing costs are financed.

 

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Topics: Compliance

Docutech CEO Earns Vanguard Award from HousingWire

Posted by Docutech on Dec 13, 2016 9:00:00 AM


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Ty Jenkins founded Docutech with a vision of how to simplify the mortgage loan document process and guarantee compliance. Twenty-five years later, Jenkins has led Docutech to become one of the nation’s premier mortgage document and software providers. He has become an expert and resource regarding compliance issues and document automation in the industry.

 

As a testament to his accomplishments, Jenkins was recently honored by HousingWire as one of the 2016 Vanguard Award recipients for his leadership in the mortgage industry. The award honors leaders who have had an undeniable influence on the housing economy, and Jenkins’ efforts have allowed our company to be at the forefront of growth within the mortgage market.

 

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What’s Next for eNotarization

Posted by Docutech on Dec 6, 2016 9:00:00 AM

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Recently, our own Harry Gardner penned an article for the October issue of Mortgage Banking magazine entitled, “The E-Notarization Challenge: 50 States of Grey.” As Gardner pointed out there, getting all 50 states to fully support electronic notarization is a serious challenge facing the industry. We need to overcome it if we hope to have end-to-end electronic mortgages.

 

We caught up with Gardner recently and asked him for an update on the status of eNotarization and what has changed.

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Topics: Technology

HMDA is the Next Big Regulatory Wave Bearing Down on Lenders

Posted by Fred Gooch on Nov 22, 2016 9:00:00 AM

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Congratulations! You’ve survived TRID. You’ve adjusted to the Qualified Mortgage standards. All of your loan officers have been licensed in compliance with the NMLS standard.

 

But don’t relax now. The CFPB’s next wave-the Home Mortgage Disclosure Act (HMDA) – is bearing down. While the revisions to HMDA will be less intrusive than the recent TRID changes, this is still a major revision to a law that has not changed in more than a decade. The good news is that the standards do not go into effect until January 1, 2018. This gives lenders and their technology partners a little over a year to prepare.

 

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Topics: Compliance

2016 MBA Annual Convention Recap

Posted by Docutech on Nov 17, 2016 10:17:57 AM

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It’s that time of the year again! No, not Thanksgiving or Christmas, I’m referring to the MBA Annual Convention. Just a few short weeks ago, the best and brightest minds in the mortgage industry headed to the industry’s most important event of the year with the goal of absorbing as much information as possible from the various keynote speakers, sessions and other attendees moving about the convention center.

 

The 2016 MBA Annual Convention took place in windy Boston, Mass. where close to 200 of the mortgage industry’s leading companies showcased their latest and greatest innovations for hundreds of attendees, including a surprise appearance from actor Kevin Costner. In years past, technology has taken center stage at MBA and this year continued along that same theme.

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