In May, Sen. Bill Nelson, D-FL, flagged the disturbing consumer credit reporting practice of lumping a short sale within the same industry code as a foreclosure in consumer credit reports.

Okay, so banking regulators have blown multiple Dodd-Frank rule making deadlines. But for now the QM rule is on track. Right?

Seeing a business opportunity with the ongoing explosion in new mortgage rulemaking, software providers LendingQB and DocuTech recently formed a strategic alliance, integrating their platforms and enabling their clients to streamline their compliance document preparation. LendingQB is a Costa Mesa, CA-based company that specializes in loan origination technology and services for the mortgage industry. DocuTech, based in Idaho Falls, ID, is a provider of enterprise-class compliant ...

Michael Chan, vice president of ComplianceEase, has come up with a check-list that should be part of every lender's due diligence effort.

Ocwen Financial Solutions Private Limited, a vendor based in India, received high marks from Morningstar Credit Ratings. OFS is a subsidiary of Ocwen Financial that handles servicing for more than 50 clients. Morningstar said the vendor’s metrics meet or exceed industry standards for customer relationship management, homeownership retention and delinquency management. “Ocwen India, with its multiple servicing platforms, extensive and ...

Of all the compliance problems uncovered during quality-control audits and reviews of mortgage loans, three are recurring with consistency during the origination phase and originators should pay close attention, said a quality-control specialist. Tommy Duncan, chief executive officer of Quality Mortgage Services and a certified mortgage technologist, said errors continue to happen even though lender compliance has improved from previous years. Overall, regulatory compliance on the ...

The complexities of the three percent points-and-fees calculation for the Consumer Financial Protection Bureau “qualified mortgage” standard under its ability-to-repay rule pretty much means that technology is going to be critical in order to be compliant. According to Michael Chan, vice president of ComplianceEase and an expert on compliance technology, the bureau’s QM standard will usher in a whole new paradigm. “Come Jan. 10, 2014, our industry again will be re-defined,” Chan told participants of a webinar ...

The Consumer Financial Protection Bureau’s new criteria for error notices and information requests present considerable challenges to mortgage servicers, according to a new PricewaterhouseCooper analysis. Implementing the changes will require careful review and updates to systems, processes and responsibilities to ensure servicers’ compliance with the new standards, said PwC. The new procedures for error notices and information requests are based on existing rules for responding to qualified written requests ...

Wells Fargo blames regulations for ending its mortgage JVs. Meanwhile, how did the CFPB unearth its information on 'up-selling' at Castle & Cook?

Many mortgage lenders make a stab at getting consumer feedback, but more often than not seem to end up with limited success, at best. The StratMor Group, a mortgage banking consultancy, and CFI Group, an analytics and technology firm, are helping lender clients find success in obtaining direct borrower feedback 24 hours, seven days a week, with their MortgageSAT service where others have been finding failure. MortgageSAT is a turnkey solution to providing real-time borrower feedback to mortgage companies ...