Skip to main content

ComplianceEase Updates Its RegulatorConnect Certification Process
Apr 06, 2016
ComplianceEase has announced that it is revamping its RegulatorConnect Certification Program, called RC Certify

ComplianceEase has announced that it is revamping its RegulatorConnect Certification Program, called RC Certify, to help technology providers and lenders prepare for the more data-intensive mortgage examinations that have emerged over the past few years and are expected to soon include TILA-RESPA Integrated Disclosure (TRID) reviews.

Introduced in 2010, the RC Certify Program helps mortgage technology companies provide Lending Examination Format (LEF) files to their lender customers. For the past six years, federal and state regulators have required lenders to submit files in LEF format, using the RegulatorConnect Portal.

Recently, the Multi-State Mortgage Committee (MMC) of the Conference of State Bank Supervisors (CSBS) noted in an industry bulletin that “despite years of preparation and anticipated compliance, the mortgage industry has regularly failed to provide clean data in a format acceptable to the regulators’ technology platform.” The bulletin warned: “The MMC will continue to rely heavily on this technology and will consider companies that cannot provide data that is complete, accurate, and properly formatted to be non-compliant with respect to records production.”

In response to these concerns, ComplianceEase, which developed the LEF format and the RegulatorConnect Portal, is redesigning the RC Certify Program to create an easier, more standardized path for technology providers to update their systems to export loans in the latest LEF format.

The new process will help industry software developers at each step in the design, development, integration, and testing of LEF file exports, the company said. With dedicated personnel working on the export, ComplianceEase estimates that technology providers will be able to complete the certification process in two months or less.

“For the past three years, our industry has been focused almost exclusively on redesigning technology to accommodate new mortgage rules: first qualified mortgages, and more recently TRID,” said Jason Roth, CMT, chief technology officer at ComplianceEase. “As a consequence, LEF requirements and integrations have moved down the queue at many tech companies, which is now creating new compliance issues for lenders. “Although regulators have indicated that they will adopt an informal ‘grace period’ and look for ‘good faith’ efforts to comply with TRID, we expect that examiners will soon be reviewing for compliance with TRID requirements, and will expect electronic data to be readily available for these more data-intensive exams. Our revamped RC Certify Program is designed to get ahead of this issue and to make file exports as easy as one click for lenders.”

Apr 06, 2016
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021
CFPB Finds Evidence Of Redlining And Deceptive Acts In 2020

Enforcement actions resulted in more than $124 million in consumer remediation and civil money penalties in 2020

Regulation and Compliance
Jun 29, 2021