Mortgage Compliance Blog

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  • Why Your CRA Story Matters

    Dec 29, 2017, by Brian Arnesen
    Whether you are a large bank with assets of $1 billion or a small bank, your Community Reinvestment Act (CRA) story matters. All state member and nonmember banks, national banks, and saving associations that meet or exceed the asset size thresholds as defined by the FFIEC for both of the last two calendar years are subject to the data collection and reporting requirements of the Community Reinvestment Act. Even if you’re not a submitting bank, you still need to perform under the Act.

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  • How to Use the New CFPB HMDA Platform

    Dec 29, 2017, by Brian Arnesen
    Although the new CFPB HMDA rules can seem complex to navigate, the submission process is relatively straightforward, especially if you already use QuestSoft software. The new CFPB HMDA platform was released in beta on November 3, 2017 and allows for institutions to create accounts and test their HMDA data for errors. In 2018, more than 3,000 institutions will submit their data to the CFPB using the new submission platform.

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  • 3 Common Forms of Occupancy Fraud

    Dec 28, 2017, by User Not Found
    In the mortgage industry, there are countless different forms of fraud ranging from the seemingly innocent omissions, to large scale market manipulation. One of the more common forms of deceit, which may seem like just a white-lie, is occupancy fraud.

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  • 4506-T Vendors Warning of Closing Delays

    Dec 20, 2017, by Brian Arnesen
    The IRS called a sudden meeting on Friday, December 8th to announce that they were going to implement security to protect taxpayers. The surprise was they were implementing it over that same weekend.

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  • 3 Ways to Use Your HMDA Data

    Nov 30, 2017, by Brian Arnesen
    Digging through the data yourself can often be tedious if you do not know what you are looking for. However, there are tools such as QuestSoft’s Market Data module that can extrapolate the information from the HMDA data for insights into an institution’s performance and allow institutions to improve their lending performance.

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  • [Q&A] How Will a New CFPB Director Affect Compliance?

    Nov 28, 2017, by Brian Arnesen
    With the upcoming change in leadership, we decided to have QuestSoft President Leonard Ryan and QuestSoft Vice President of Support and Training Carey Aimone weigh in on how a new director could affect the future of compliance and regulations.

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  • How Blockchain Can Be Used for Compliance

    Nov 1, 2017, by Brian Arnesen
    Blockchain has the potential to impact many different industries. The financial services industry is ripe for innovation and is of great interest to enthusiasts for the adoption of blockchain. Blockchain technology can affect how compliance departments, quality control and many other departments operate. Blockchain technology can also help mortgage lenders save money by streamlining workflows and creating a better customer experience, while reducing risk.

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  • How to Create an Exceptional Compliance Program

    Oct 24, 2017, by Brian Arnesen
    HousingWire recently reported that Wells Fargo has appointed a new chief compliance officer to transform their compliance into an “industry-leading” program. This comes after multiple accusations of harmful business practices emerging over the past few years, including accusations of “forcing mortgage applicants to pay unwarranted fees” (Washington Post). This alone would make anyone even remotely familiar with TRID furrow their brow. So, what does it take to make an exceptional compliance program? Well, it all starts at the top.

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  • Analysis of the 2016 CFPB HMDA Data

    Oct 16, 2017, by Brian Arnesen
    Every year, HMDA loan data is made public on all reporting institutions. This data is used by public groups, agencies and businesses to assess mortgage lending and develop better ways of doing business. By analyzing the data, businesses can extrapolate trends and issues across the mortgage industry.

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  • QuestSoft Updates CFPB HMDA Testing Database to Ensure HMDA Readiness

    Oct 2, 2017, by Brian Arnesen
    This week, QuestSoft will be releasing the latest Compliance RELIEF update to enable customers to live test their 2018 data against the 215 new validity error codes and 42 new quality checks—three months ahead of the implementation deadline of January 1st. These new error codes have no ties to historical codes, allowing lenders to start with a “clean slate” and adjust to new standards and conditions throughout their operations.

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