Mortgage Compliance Blog

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  • 41 HMDA Filing Questions Answered by Compliance Experts

    Feb 4, 2019, by Loretta Kirkwood
    The following are questions submitted by attendees of QuestSoft’s HMDA Filing Update Webinar held on January 8 and 9, 2019. Answers are provided by Leonard Ryan, President of QuestSoft, and Loretta Kirkwood, Vice President of Compliance for QuestSoft.

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  • Predictions for the Mortgage Industry in 2019

    Jan 31, 2019, by User Not Found
    Over the past few years, the mortgage industry has seen a significant amount of change. From sky-high origination and refinancing volumes, to a hyper-regulated environment -- and now rising affordability costs -- every year brings new challenges. While it can be hard to predict the future; by analyzing current trends, lenders can better prepare for the year ahead.

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  • 7 Helpful Tips for Submitting Your HMDA Data to the CFPB

    Jan 30, 2019, by Brian Arnesen
    During the last two weeks of February, our support department receives an enormous amount of calls from lenders who need help or have questions about submitting their HMDA data to the CFPB. With the new HMDA rules in effect — and with lenders now submitting three times the amount of data — we anticipate that there will be some road bumps along the way. As a result, we have compiled some helpful tips for lenders to make sure March 1st is just another day.

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  • How the CFPB Intends to Protect Consumer Privacy by Modifying Public HMDA Data

    Dec 28, 2018, by Brian Arnesen
    On December 21, 2018, the CFPB announced a final policy guidance about modifications to public HMDA data to protect consumers’ privacy. The Bureau will modify the public loan-level HMDA data to exclude:

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  • Why Community Reinvestment Act Data Is More Important Than Ever

    Nov 28, 2018, by Loretta Kirkwood
    While everyone’s attention has been focused on implementing 2018 HMDA data requirements — and then adjusting to S.2155 partial exemptions — regulators have been talking about what changes are required for the Community Reinvestment Act (CRA). The discussions started with “reducing burden” but have recently shifted to the need to more clearly define the purpose of CRA while adjusting to the new financial services landscape. Recommended changes would include redefining the concept of an assessment area, providing clarity and guidance to the examination process, the potential expansion of data collection and reporting, and potential incentives for certain LMI activities.

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  • 46 Questions and Answers Regarding the S.2155 HMDA Partial Exemption

    Nov 15, 2018, by Loretta Kirkwood
    On October 3rd, QuestSoft hosted a webinar dedicated to S.2155 HMDA implementation for institutions covered under the partial exemption rule. During this webinar, we received a lot of great questions concerning HMDA reporting under the new rule.

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  • The OCC’s 5 Key Areas of Focus for 2019

    Sep 28, 2018, by Brian Arnesen
    On September 25th, the OCC released its bank supervision operating plan for 2019. According to the OCC, “the operating plan guides the development of supervisory strategies for individual national banks, federal savings associations, federal branches, and federal agencies, as well as technology service providers.”

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  • 5 Factors That Improve Risk Management Culture

    Sep 28, 2018, by Brian Arnesen
    One of the best ways to mitigate risk is to foster a proactive risk management culture. As we have seen with institutions in the past, culture is the driving force behind employee behavior, decision making, growth, and regulatory scrutiny. Risk management culture should be the responsibility of all employees with upper management setting the example.

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  • What You Need to Know About the S.2155 HMDA Changes

    Sep 5, 2018, by Loretta Kirkwood
    On Friday, August 31st, the CFPB issued an interpretive and procedural rule to implement and clarify HMDA changes made by the Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155).  The rule clarifies many different aspects of S.2155 HMDA implementation in regards to partial exemptions.

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  • The 5 Fair Lending Risk Factors Outlined by the Federal Reserve for 2018

    Aug 31, 2018, by Brian Arnesen
    On July 26, 2018, the Federal Reserve published its new Consumer Compliance Supervision Bulletin to highlight current issues and share examiners’ observations. At the top of the list was redlining. The fact that redlining was listed first, shows it remains a key concern among regulators.

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