Mortgage Compliance Blog

mortgage compliance news

Sign up to receive our monthly newsletter!

  • Explained: What Is Geocoding and What Do Banks Use It For?

    Jul 25, 2017, by Brian Arnesen
    Geocoding takes addresses or descriptions of locations and turns them into a specific location on the earth’s surface. Through this process we can gather demographic data about these specific locations. While geocoding is used by many industries for various purposes, the mortgage industry uses geocoding to submit a variety of accurate data to government regulators.

    Read More

  • How the “Quest” to Innovate the Financial Services Industry Does Not Always Work

    Jun 27, 2017, by Brian Arnesen
    The mortgage industry has been slow to change over the past decade. Besides adapting to new regulations, financial institutions have not had to change the fundamental way in which they operate for many years. However, in 2015 Rocket Mortgage was launched. Quicken Loans, who developed Rocket Mortgage, touts it as “The first completely online mortgage experience…” It allows prospective home buyers to complete mortgage applications online in 5 minutes or less

    Read More

  • 3 Common Errors to Avoid with Mortgage Call Reports

    Jun 19, 2017, by Brian Arnesen
    In 2008, the SAFE Act was created to require all state mortgage licensees to submit a report of loan activity and financial condition to the NMLS. Thus, the beloved Mortgage Call Report was created. Companies that hold a state license or state registration through NMLS (Nationwide Mortgage Licensing System) are required to complete a Mortgage Call Report (MCR). The NMLS provides a FAQ page to answer many questions about MCR’s.

    Read More

  • Is Your Vendor Ready for the New CFPB HMDA 2018 Changes?

    Jun 7, 2017, by Brian Arnesen
    With only a short time left until the new CFPB HMDA regulations go into effect, many loan origination software (LOS) vendors are touting their readiness to support the regulation's enhanced data requirement. But it wasn't that long ago that we heard the same thing concerning TRID.

    Read More

  • How the New HMDA 2018 Rules Increase Risk for Fines

    Jun 7, 2017, by Brian Arnesen
    In 2017, more lenders will be subjected to HMDA. Under the new rules, the CFPB estimates that there would be a 40% percent increase in the total number of transactions under the new data collection and submission requirement

    Read More

ContactUs