Skip to main content releases 20-point compliance checklist

Jan 15, 2010 Inc. has announced the availability of its Compliance Requirements Summary matrix to assist the lending community with a comprehensive plan for managing current and future regulatory changes with confidence. The free document is available for download and includes details on 20 compliance issues that have emerged as business fundamentals in the tumultuous past 18 months, including the new Good Faith Estimate (GFE), appraisal rules (HVCC), and the Mortgage Disclosure Information Act (MDIA). For each of the 20 items, readers will find specific regulations, a clear description of the related issue, lender requirements, and how helps loan origination software customers remain compliant. According to management, the objective of creating the matrix is to provide a holistic view on compliance so lenders can ensure nothing slips by the operations team. Small violations that are systemic can add up to big penalties in a hurry. “Lenders can stay well-informed on the day-to-day developments of specific compliance issues through a variety of different media,” said Lionel Urban, president and co-founder of, “but there is still a real need to see it all covered in one place. Our compliance matrix provides an exhaustive summary of current compliance requirements, along with practical solutions for each.” Among the other compliance issues on the checklist are the Equal Credit Opportunity Act (ECOA), the Fair Credit Reporting Act (FCRA), the Fair and Accurate Credit Transactions Act (FACTA), Home Ownership and Equity Protection Act (HOEPA), and various new state laws holding lenders responsible for the valid licenses of originators and third-party brokers. In each case, the regulation is either entirely new, changed in some way that requires adjustment on behalf of lenders, or being monitored and enforced with more thorough methods. A good example of the layout of the Compliance Requirements Summary is the way it covers new and existing disclosures. ‘Initial Application Disclosures,’ ‘Requirements to reissue Loan and Program Disclosures,’ and ‘Loan Closing Disclosures’ are listed separately. The grid shows that these issues involve the Truth-in-Lending/Reg Z disclosure, MDIA, RESPA, ECOA, FCRA, HMDA, the Flood Disaster Protection Act, and the ESign Act, then displays the requirements related to each of the topics. For instance, the specific requirement to reissue the Good Faith, Truth-in-Lending, and program disclosures whenever the APR rises by more than .125 or the financed fees increase by more than $100. Finally, the document explains topic-by-topic exactly how’s platform addresses all 20 compliance requirements now and in the future. Using the example just given, systems include data checks and customizable rules that alert users when data changes require re-disclosure. “The compliance matrix was designed initially as a way to demonstrate to customers how we ensure the compliance of their loans, and when it was complete we realized we had something all lenders would find useful,” Urban said, referring to why the Compliance Requirements Summary is being made available to anyone who is interested. “Whether lenders use our solutions or upgrade the technology they already have, they need to understand the entire compliance landscape to avoid big problems down the road. This reference table will help them do that.” Click here for a free sample of the Compliance Requirements Summary matrix. For more information, visit  
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Jan 15, 2010
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