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.
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.
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.
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.
As the Consumer Financial Protection Bureau (CFPB) works to refine the rules it has established for our industry, we are called upon to provide comments to help the Bureau work through that process, and having lived through the earlier iterations of the CFPB’s rules, it is in our best interest to do so.
While the proposed changes to TRID are certainly generating a lot of attention from lenders planning their 2017 compliance priorities, there are several other developments lenders should keep an eye on. These other regulatory issues affect not only the documents used in applications and closings, but also in reporting the annual loan data required by the Home Mortgage Disclosure Act (HMDA).
After nearly nine months of watching lenders struggle to fully implement the TILA-RESPA Integrated Disclosures (TRID) regulations that went live in late 2015, the Consumer Financial Protection Bureau (CFPB) released a series of proposed amendments. While there are no large individual changes, depending on a business’s practices, there are several small tweaks that could greatly impact the lender’s processes and procedures.
The mortgage industry continues to progress slowly toward the Holy Grail of a completely paperless process. As different technology providers enter the eMortgage space, a variety of partnership arrangements have evolved in order to piece together the various components needed for a fully electronic mortgage solution. Let’s explore those components, the different ways they can be assembled, and the possible advantages and downsides.
Based on today’s heavily regulated mortgage industry, financial institutions are re-evaluating their key goals and strategies to ensure they are not only meeting the latest compliance guidelines, but also doing so in the most cost effective way possible. While each institution is unique and shares different goals, the overarching theme for mortgage improvement across the industry points to increased efficiency and improving customer experience as the leading goals institutions are working toward.
