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.
In a previous post, we addressed how CTOs in financial services have become entrenched in compliance concerns and discussed how dynamic doc solution providers can help lessen this burden. In this post, we’d like to dive a bit deeper into the topic to discuss how CTOs and doc prep providers can work together to give consumers a seamless mortgage lending experience.
In today’s mortgage business, Chief Technology Officers (CTOs) have their hands full. From the beginning, technologists working in the home finance industry had a tough job. First, they had to identify automation that would improve the lending process, get it implemented, and then get company personnel to adopt it.
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.
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.
How can you find the diamond in the rough in the world of mortgage document compliance?
What can lenders expect from Washington in 2017?
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.
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.
