We are less than two weeks away from the mandatory compliance date for TRID 2.0. As of October 1, 2018, the CFPB will expect every lender to be in full compliance with the new amendments.
This means that lenders need to make certain that they are ready to make the transition to the updated rules. With the right preparation, you can be certain that this change will occur in a smooth and orderly fashion.
At Docutech, we have been working on the changes for the last year and can assure our partners that we are ready and assist them with their final TRID 2.0 preparations and testing.
Summer typically sees fewer compliance updates, and this summer is no different. That said, we did see some changes in California and from the nation’s largest secondary market investor.
All of these changes were detailed on our compliance blog. Subscribe to learn about all of the industry’s compliance news before anyone else.
If you were out enjoying the sun, the beach and the summer in June, it might have been easy to miss some compliance changes and document updates. To help you catch back up, in this month’s compliance recap, we spotlight key lending-related compliance issues and document changes that occurred in June. For more details on any of these important changes, follow the links below to visit our compliance blog.
Monthly Loan Document Compliance: Keeping an Eye on Economic Growth, Regulatory Relief and Consumer Protection Act
Our compliance experts have been hard at work, cataloging the rule changes being published by regulators and investors across the country. In this roundup, we offer some compliance news and a number of document changes that occurred in May. For more details on any of these important changes, follow the links below or visit our compliance website.
Ask most lenders their number one headache, and the answer is usually keeping up with compliance changes. Compliance requirements take many forms – ensuring fair lending, accurate reporting on loan activity and maintaining documents that are clear and up-to-date with all federal, state and investor guidelines are just a few of the details that must be managed daily.
In mortgage lending, just following the requirements of regulatory agencies and the law is often not enough.
Faced with ambiguous language and constantly shifting revisions and interpretations of key regulations, many investors adopt a more conservative approach to compliance. This requires lenders looking to sell their loans on the secondary market to not only comply with the law but to also understand and follow the additional standards investors require when purchasing mortgages.
In a previous post, we pointed to the significant increase in consumer lending that we’ve seen over the past 12 months. While mortgage lenders typically don’t pay much attention to these lower balance, non-collateralized personal loans, they represent a promising growth area for financial institutions.
Three Ways a Strong Doc Platform Keeps Compliance Costs Under Control
Despite the Senate taking an axe to parts of Dodd-Frank last month in a proposal that would impact small and mid-sized banks along with changes to the SAFE Act, TRID disclosures and PACE loans, lenders still struggle with the rapidly rising costs of compliance.