Nationwide Appraisal Network Ready for CFPB's QM Compliance Deadline – NMP Skip to main content

Nationwide Appraisal Network Ready for CFPB's QM Compliance Deadline

Oct 31, 2013

Nationwide Appraisal Network has announced the complation of a compliance procedure manual that details how the firm will comply with new regulations from the Consumer Finance Protection Bureau (CFPB). Under the new regulations, clients are responsible for ensuring that the third parties they work with have written procedures that include the steps they will take to comply with the CFPB rules, and they need to be able to document that those steps were followed. This rule takes effect on Jan. 14, 2014. “We created a compliance taskforce, comprise of 15 senior executives from within the company, to review every rule and to develop guidelines for handling them,” said Joni Pilgrim, co-founder and director of Marketing for Nationwide Appraisal Network. “They worked for months on the project, discussed every facet of every rule that effects clients in any way, and wrote a great compliance manual that will make the audits our clients go through easier and less stressful.” “We have ensured that the vetting process for our clients is as easy for them as possible, and I am extremely proud of team that put the manual together. They did an extraordinary job,” said Cari Burris, co-founder and director of Operations and Finance for Nationwide Appraisal Network. “Our clients are now taking on new responsibilities for the first time which can be a daunting task. Our compliance manual, procedures, and audit trail make the process of vetting third parties much easier and eliminates that worry for our lenders.”
About the author
Published
Oct 31, 2013
MISMO Updates Business Glossary To Support AI, eMortgages

New definitions covering eHELOCs, remote online notarization, valuation modernization, and compliance initiatives aim to improve consistency

Underwriters Don’t Slow Down Loans. They Eliminate Uncertainty.

ndustry’s biggest bottleneck is not underwriting itself — it is the uncertainty that reaches underwriting too late in the process. When validation happens upstream, speed follows naturally.

MISMO Launches AI Governance Framework For Mortgage Lenders

New FRAME toolkit gives lenders, servicers, and technology providers a roadmap for managing AI risk while supporting innovation

CFPB Tells Lenders Immigration Status Can Factor Into ATR Analysis

CFPB frames immigration status as a potential ability-to-repay factor when future U.S.-based income is at risk

UAD 3.6 Deadline Nears; First American Earns Verification

First American's ACI Sky Workbench gains verification ahead of the Nov. 2 implementation date for the GSEs' updated appraisal reporting requirements

MISMO Introduces New Loan Boarding Standard

Wrapper Files support standardized data transfers between origination and servicing systems, with potential savings of $60 to $160 per loan