06.22.17

Three Realistic Regulatory Reform Ideas in the Financial CHOICE Act

On June 8, the House approved the latest attempt at reforming the regulatory structure of the financial industry by passing the Financial CHOICE Act. The bill aims to dramatically revise the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act that was instituted after the 2008 housing market crash.

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04.13.17

Three Ways a Doc Prep Service Protects Lenders from Errors

Even though the mortgage industry is moving toward the goal of removing paper from the mortgage process, closing a loan still comes down to executing a collection of documents. Whether these docs remain in digital form or are printed on paper, these documents and the data that populates these documents determines the difference between a quality, profitable loan and a costly problem for the lender.

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02.09.17

Should Non-Purchasing Entities Sign the Closing Disclosure?

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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02.07.17

TILA-RESPA Integrated Disclosure Amendments and Disclosing Revised Amounts

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.

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01.10.17

The Countdown to UCD is On

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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