The deadline for covered institutions to submit their 2009 Home Mortgage Disclosure Act (HMDA) data is March 1, 2010. There are four steps that can be taken to assure accuracy and timely submission of HMDA data. Control data quality (Step 1):

1) Periodically evaluate HMDA data to ensure that all relevant product lines are included and that the data include all loan applications that are originated, denied or withdrawn.Read more

MRG Document Technologies (MRG), a provider of mortgage compliance technology and services to banks, credit unions and other lenders nationwide, announced that it focused on developing strategic integrations and partnerships in 2009, increasing the number of lenders that access its compliant mortgage document preparation services.

Some of the key alliances include:

► Partnered with Kroll Factual Data to provide clients with access to three of Kroll’s risk assessment services through MRG’s MIRACLE Online compliance software, including a “Reg Flag Rules” plan.Read more

The National Association of Mortgage Brokers (NAMB) has submitted comments to the Federal Reserve Board (The Board) on the Proposed Rule amending Regulation Z. NAMB commends the Board for its efforts to fix problems that exist in the mortgage market, however certain aspects of the Proposed Rule will impede competition, fail to reflect the most current and authoritative research, and/or do not consider the most effective and least burdensome alternatives.Read more

The Center for Responsible Lending (CRL) has recommended that the Federal Reserve Board strengthen a proposal to ban routine kickbacks for steering borrowers into unnecessarily risky or expensive home loans. In recent years, these kickbacks (often called "yield-spread premiums") have cost consumers billions of dollars. If finalized as proposed, the kickback ban would apply to mortgage brokers, loan officers, and any party that originates mortgages for lenders who fund the loans.Read more

National organizations representing state financial regulators have registered their general support of the Federal Reserve Board's proposed changes to Regulation Z. In a comment letter sent Dec. 18, the Conference of State Bank Supervisors (CSBS), joined the American Association of Residential Mortgage Regulators (AARMR) and the National Association of Consumer Credit Administrators (NACCA), to weigh in on proposed changes dealing with closed-end mortgage transactions and HELOC (home equity line of credit) transactions.Read more

The Mortgage Bankers Association (MBA) has filed two comment letters with the Board of Governors of the Federal Reserve System, both relating to the proposed amendments to Regulation Z, the implementing regulation for the Truth-in-Lending Act (TILA). The first letter specifically addresses the proposed rules to revise consumer disclosures and compensation practices for closed-end credit transactions--a credit agreement in which the amount advanced, plus any finance charges, is expected to be repaid in full by a specified date, such as your traditional 30-year fixed mortgage.Read more

The National Association of Mortgage Brokers (NAMB) has announced the launch of its Legislative & Regulatory Action Fund to collect donations that will be used for protecting the interests of the mortgage broker industry. The mortgage broker profession has underwent extensive scrutiny and is being portrayed unfavorably in the mainstream media, as the housing industry undergoes sweeping legislative and regulatory initiatives to stimulate the economy and implement safeguards aimed at preventing another housing bubble.Read more

The Federal Reserve Board (The Board) Proposed Rule revising Regulation Z as it pertains to closed-end mortgages proposes major changes to mortgage disclosures, originator compensation, and anti-steering language. The comment period for this Proposed Rule is open until Dec. 24, 2009.Read more

StreetLinks National Appraisal Services has announced TILA-Trigger, a technology solution that ensures lenders are in compliance with the new TILA disclosure regulation. The solution allows brokers and correspondents to place appraisal requests without concern for violating TILA disclosure timeframes. Earlier this year, the Federal Reserve Board issued a final rule implementing changes to the Truth In Lending Act (Reg Z) prohibiting the collection of fees from borrowers prior to their receipt of disclosures, as specified by the Mortgage Disclosure Improvement Act (MDIA).Read more

The Federal Reserve Board (FRB) has approved an interim final rule to implement a recent statutory amendment requiring that notice be given to consumers when their mortgage loan has been sold or transferred. The new disclosure requirement became effective immediately upon enactment of the Helping Families Save Their Homes Act in May, 2009. Under that Act, a purchaser or assignee that acquires a mortgage loan must provide the required disclosures in writing within 30 days.Read more