Interthinx's New Watchlist Review Module Tool Eases Compliance Burden – NMP Skip to main content

Interthinx's New Watchlist Review Module Tool Eases Compliance Burden

NationalMortgageProfessional.com
May 01, 2012

Interthinx has announced the release of its new Watchlist Review Module, a stand-alone application that allows/enables lenders to check all loan participants against several industry lists to ensure compliance with Fannie Mae’s Loan Quality Initiative (LQI) as well as rules from the Office of Foreign Assets Control (OFAC) and the Bank Secrecy Act (BSA). “Much of the risk involved in the mortgage loan transaction rests with the loan participants,” said Gayle Shank, vice president of product management at Interthinx. “Knowing whether these individuals—including the personnel involved in the closing—are on any industry lists is a critical due-diligence step that federal regulators expect lenders to take. Those who fail to do so greatly increase the risk associated with a loan transaction.” Shank pointed out that the BSA requires lenders to screen closing participants against industry watchlists but said that lenders lacked a comprehensive way to do so. The new Watchlist Review Module solves that problem by screening individuals and companies against all exclusionary lists at the same time. “It’s a great time-saver for lenders because it eliminates the need to visit and search various individual websites,” said Shank. The module uses name-matching software combined with algorithms to identify matching records. The system provides a customizable, intuitive report through a single-source interface.
Published
May 01, 2012
CFPB Seeks Insight On Creating A Fairer Mortgage Market

The Consumer Financial Protection Bureau has been actively looking to create a fairer mortgage market, free of discriminatory engagements. To do so, it issued a Request for Information to seek input on rules implementing the Home Mortgage Disclosure Act.

Regulation and Compliance
Nov 17, 2021
Regulators Renew Effort to Protect Against Foreclosures

CFPB, The Fed, FDIC and other agencies will watch for compliance with COVID-19 protections

Regulation and Compliance
Nov 10, 2021
Fed To Begin Tapering Asset Purchases by 14.3% This Month

Also sets target range for the federal funds rate at 0 to 1/4%.

Regulation and Compliance
Nov 03, 2021
CFPB Cracks Down On Discriminatory Credit Reporting For Black And Hispanic Consumers

Consumers in majority Black and Hispanic neighborhoods are far more likely to have disputes appear on their credit reports. 

Regulation and Compliance
Nov 03, 2021
CFPB Names 2 New Assistant Directors

Former Obama Administration officials will lead Supervision Policy, Enforcement divisions.

Regulation and Compliance
Oct 29, 2021
FHFA Proposes Extra Disclosure Rules For Fannie, Freddie

The proposed rule for the Enterprise Regulatory Capital Framework seeks to put Enterprises on a "level playing field" with U.S. banking requirements.

Regulation and Compliance
Oct 28, 2021