Mortgage Compliance Blog

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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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  • How Digital Marketing Can Elevate Fair Lending Risk

    Aug 29, 2018, by Brian Arnesen
    On August 17th, HUD filed a housing discrimination complaint against Facebook. HUD claims Facebook allows housing-related advertisers to use unlawful preferences and limit housing options through “targeted advertising”. This results in Facebook enabling advertisers to control which users receive ads based on race, color, religion, gender, familial status, national origin, and/or disability — all of which are prohibited under the Fair Housing Act.

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  • The 4 Main Factors Affecting Home Prices

    Jul 9, 2018, by Brian Arnesen
    Across the United States, housing prices have surpassed their peak reached just before the 2008 financial crisis. Many people take those numbers at face value and shout “Bubble!” However, there are a number of factors explaining why the current market is far from a bubble, and why there is plenty of room for it to grow.

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  • mortgage-fraud

    5 Common Mortgage Fraud Schemes and How to Prevent Them

    Jul 3, 2018, by Brian Arnesen
    Rising interest rates, record-high home prices, and tighter markets mean applying for a mortgage may be more expensive and more difficult than in the past few years. Not only will borrowers need more income to buy higher priced houses, but lenders will need to find strategic ways to originate loans, while still making a profit.

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  • What you need to know

    What You Need to Know About REMAs

    Jun 5, 2018, by Brian Arnesen
    Fair Lending continues to be a primary focus for regulators. They want to ensure that lenders are providing equal access to credit regardless of race, ethnicity or any other prohibited characteristic. Examiners will often analyze a lender’s HMDA data to determine if there are any gaps in its lending among different demographic areas. Lending performance is often compared to peers in the market in order to assess credit needs and performance context for examiners.

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