Tag Archives: Compliance

HUD has issued a newly revised definition for Qualified Mortgage (QM) which will affect all Federal Housing Administration (FHA) loans moving forward. The new rule goes into effect January 10, 2014, and will apply to mortgages that are insured, guaranteed, or administered through HUD. The agency's version of QM builds on the existing QM rule finalized by the Consumer Financial Protection Bureau earlier this year.

LoanSifter, a Wisconsin-based company specializing in technology for loan originators and secondary departments, is hosting two industry panels this week to address concerns and strategies revolving around the soon-to-be-implemented qualified mortgage (QM) rule.

QuestSoft Corp., an automated mortgage compliance software provider, was one of 50 companies named in the Orange County Register's list of the top small companies to work for, which was based on surveys conducted with more than 60,000 employees from more than 1,000 companies across Orange County.

ProLender Solutions, Inc., a provider of paperless mortgage lending software, announced it has added flood, fraud, and Nationwide Mortgage Licensing System (NMLS) services to its existing interface with QuestSoft's Compliance EAGLE platform. With the expanded services, ProLender users have a simpler method to verify flood certifications, fraud compliance, and NMLS license information prior to closings.

The former banking regulator overseeing the National Mortgage Settlement has released a summary of the latest reports he filed with a federal court in Washington, D.C. The reports detail the performance of five major servicers in meeting the terms of the agreement reached with 49 state attorneys general and federal officials. Joseph Smith says he's confirmed six fails in the first quarter of 2013 and one in the second quarter.

LRES, a national provider of commercial and residential valuations and asset management, announced it is now serving the retail lending division of California-based PennyMac Financial Services. As part of its services for PennyMac, LRES is managing appraisals that comply with all USPAP requirements as well as all state and federal appraiser independence regulations for the company's customers.

Lenders Compliance Group Inc. announced the appointment of Michael J. Wallace Esq. to the position of director of marketing compliance. Wallace has spent more than 20 years counseling clients on federal and state industry laws and regulations regarding mortgage acts, practices, and marketing.

QuestSoft Corp., a provider of automated mortgage compliance software headquartered in Laguna Hills, California, announced it has added e-signature gateways from six providers, broadening options for customers using the company's IRS 4506-T and Social Security Administration SSA-89 verification services.

When it comes to next year's regulatory obstacles, CEOs and senior executives from the mortgage industry's biggest players agree on one thing: Education will be key to keeping business going smoothly. In a panel at the 2013 Realtors Conference and Expo, high-level names from Quicken Loans, Wells Fargo Home Mortgage, JPMorgan Chase, and Bank of America discussed the qualified mortgage (QM) guidelines, which go into effect in January 2014.

A recent bulletin from the Office of the Comptroller of the Currency (OCC) recommends new guidelines for national banks and federal savings institutions regarding their third party vendors, including appraisal management companies (AMCs). Banks and mortgage lenders are cautioned to choose their appraisers and other vendors wisely, as regulators will hold lenders accountable of the quality and accuracy of their vendors' work.