QuestSoft, a provider of mortgage compliance software, has completed RegulatorConnect Certification for compliance with the electronic residential mortgage examinations initiative. In 2008, the American Association of Residential Mortgage Regulators (AARMR) and the Conference of State Bank Supervisors (CSBS) introduced the multi-state exam program to simplify the auditing of state regulated lenders closing loans in multiple states.Read more

The Federal Reserve Board (FRB) has issued an interim rule that revises the disclosure requirements for closed-end mortgage loans under Regulation Z (Truth-in-Lending). The interim rule implements provisions of the Mortgage Disclosure Improvement Act (MDIA) that require lenders to disclose how borrowers' regular mortgage payments can change over time.Read more

The Federal Reserve Board (FRB) has announced final rules to implement a statutory amendment to the Truth-in-Lending Act (TILA) requiring that consumers receive notice when their mortgage loan has been sold or transferred. The new disclosure requirement became effective in May 2009, upon enactment of the Helping Families Save Their Homes Act. Under that act, a purchaser or assignee that acquires a mortgage loan must provide the required disclosures in writing within 30 days.Read more

The Federal Reserve Board (FRB) has proposed a rule to revise the escrow account requirements for higher-priced, first-lien "jumbo" mortgage loans. The proposed rule, which implements a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act, would increase the annual percentage rate (APR) threshold used to determine whether a mortgage lender is required to establish an escrow account for property taxes and insurance for first-lien jumbo mortgage loans.Read more

The Federal Reserve Board has published its annual adjustment of the dollar amount of fees that triggers additional disclosure requirements under the Truth-in-Lending Act (TILA) and the Home Ownership and Equity Protection Act (HOEPA) of 1994 for home mortgage loans that bear rates or fees above a certain amount. The dollar amount of the fee-based trigger has been adjusted to $592 for 2011 based on the annual percentage change reflected in the Consumer Price Index that was in effect on June 1, 2010.Read more

QuestSoft, a provider of mortgage compliance software and services for lenders, will integrate its Compliance EAGLE platform into Greenwood Village, Colo.-based Blueberry Systems‘ RELAY loan origination software (LOS). The partnership improves data integrity by eliminating the need for users to properly identify and port the correct data between the two systems, enabling a seamless method for ordering and processing compliance reviews.Read more

According to QuestSoft’s annual compliance survey of lenders, the recently enacted fee tolerance changes to the Real Estate Settlement Procedures Act (RESPA) continue to pose the greatest mortgage compliance concern in 2010. This marks the second year that RESPA has held the top spot among the lenders surveyed.Read more

Disclaimer: The views, opinions and advice expressed in the following piece should not be taken as legal advice and do not reflect the views of National Mortgage Professional Magazine, the National Association of Mortgage Brokers (NAMB), the National Association of Professional Mortgage Women (NAPMW) or the National Credit Reporting Association (NCRA). You should consult your own legal counsel for professional advice.Read more

NAMB/WEST was a great success. Sure, we all learned about the challenges that we are facing when it comes to the new GFE, HUD-1 and TIL; potential obstacles created from the SAFE Act and more; however, there was lots of positive talk about new and exciting ways to network and find new business. Among the regulatory and legislative seminars and sessions, NAMB/WEST featured the session, “Social Media: How to Use Facebook, Twitter & Blogging to Build Your Business.”Read more

Webster’s New Universal Unabridged Dictionary, defines the word “simplify” as “to make less complex or complicated; make plainer or easier.” We as a society know that in today’s times, when government interjects itself in the affairs of the people in order to make things “simple,” that simplicity doesn’t always come to fruition, and in fact, often results in unintended negative consequences.Read more