The federal bank regulatory agencies have requested comment on proposed revisions to "Interagency Questions and Answers Regarding Community Reinvestment." The Questions and Answers document provides additional guidance to financial institutions and the public on the agencies' Community Reinvestment Act (CRA) regulations. The proposed revisions focus primarily on community development. Community development activities are considered as part of the CRA performance tests for large institutions, intermediate small institutions, and wholesale and limited purpose institutions.Click to continue

AllRegs has announced the launch of consumer training resources for the financial services industry. AllRegs has developed this online consumer training platform in conjunction with HomeFree-USA, one of the largest homeownership development and U.S. Department of Housing & Urban Development (HUD) intermediaries in the United States, and is made available through HomeCoach-USA. The online home training courses include homebuyer education, homeowner education and financial literacy curriculums, with the potential to reach more than four million Americans.Click to continue

QuestSoft, a provider of mortgage compliance software and services for the mortgage industry, has significantly enhanced its Compliance EAGLE module that helps lenders validate and review multi-state and single state mortgage exam files prior to submission to governing agencies. Administered jointly by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR); the multi-state exams for state-chartered lenders began in January of this year.Click to continue

QuestSoft, a provider of mortgage compliance software for lenders, has added La Jolla, Calif.-based ClosingCorp’s SmartGFE service to Compliance EAGLE, an end-to-end, automated compliance review solution. The integration of SmartGFE into Compliance EAGLE ensures that fee amounts in Good Faith Estimates (GFEs) produced by integrated loan origination and document software will be accurate and in compliance.Click to continue

MountainView Capital Holdings has announced the hiring of Robert Wellerstein as a managing director in its mortgage and fixed income sales and trading units. Wellerstein is an industry veteran with extensive experience in sales and trading of mortgage loans, mortgage servicing rights and fixed income securities. He will be based in Los Angeles.Click to continue

The federal bank and thrift regulatory agencies have announced changes to Community Reinvestment Act (CRA) regulations to support stabilization of communities affected by high foreclosure levels. The final rule is substantially the same as the proposal published for comment on June 24, 2010. It encourages depository institutions to support eligible development activities in areas designated under the Neighborhood Stabilization Program (NSP) administered by the U.S. Department of Housing & Urban Development (HUD).Click to continue

The most recent Home Mortgage Disclosure Act (HMDA) data released by the Federal Financial Institutions Examination Council (FFIEC) reveals that despite the overall drop in loan volume, 62 percent of lenders increased their lending activity, with 11 percent of lenders doubling their volume. QuestSoft, a provider of mortgage compliance software and services for lenders, provided HMDA and compliance software for 40 percent of the lenders who doubled their volume.Click to continue

Each year, lenders are required to dedicate valuable time and resources to compiling and submitting Home Mortgage Disclosure Act (HMDA) and Community Reinvestment Act (CRA) data. While typically viewed as a burdensome process necessary for maintaining regulatory compliance, there is a significant benefit to be derived if done properly—one that can positively impact your marketing strategy.Click to continue

RATA Associates, a provider of Home Mortgage Disclosure (HMDA), Community Reinvestment Act (CRA) and Fair Lending compliance software and geocoding services for financial institutions, announced availability of the 2009 HMDA/CRA Data for its Comply Peer-2-Peer. Comply Peer-2-Peer is a Web-based tool designed to help institutions gauge how their lending activities compare and rank with competitive institutions.Click to continue

QuestSoft, a provider of mortgage compliance software and services for lenders, has announced that it has upgraded its flagship end-to-end compliance software, Compliance EAGLE, to ensure that lenders are prepared for the wave of multi-state exams beginning in 2011. All states are prepared to begin the new multi-state exam procedures adopted by the American Association of Residential Mortgage Regulators (AARMR) and the Conference of State Bank Supervisors (CSBS) beginning next year.Click to continue