Tag Archives: Compliance

An update on the progress of the nation's largest servicers that are party to the 2012 National Mortgage Settlement.

A summary of the mortgage industry during 2015 in one word is “TRID”; in two words, “TRID” and “Terror.” As 2016 commences, TRID may still be at the forefront of the industry, but perhaps for a different reason

Consumer Financial Protection Bureau Director Richard Cordray recently passed off the widespread anxiety over TRID compliance as being no big deal and compared the rule to the over-hyped panic over Y2K. But did he speak too soon?

The OCC provided guidance on what to expect in their forthcoming TRID compliance exams directed to “chief executive officers and compliance officers of national banks and federal savings associations, federal branches and agencies, department and division heads, all examining personnel, and other interested parties.”

Ocwen Financial Corporation failed four metrics and was deemed to have failed seven others in an independent settlement monitor’s review of the servicer’s entire residential mortgage loan portfolio covering the second half of 2014, according to the monitor’s report filed with the U.S. Court for the District of Columbia on Thursday.

House Majority Leader Kevin McCarthy recently released a statement announcing that the House will vote on the Homebuyers Assistance Act next week for those putting forth effort to comply with TRID.

On Wednesday, September 30, from 2 to 3 p.m. Eastern, WALZ Compliance Solutions will host a webinar titled "Preventing Risk When Notifying Borrowers: Pennsylvania Act 6 and Act 91 Notices."

With the CFPB prepping to unleash the highly-anticipated TILA-RESPA Integrated Disclosure rule in two weeks on October 3, the industry is about to be hit with more changes that must be met with compliance.

Recent analysis found that 17 percent of loans currently fail for Truth in Lending Act (TILA) reasons and another 6 percent of the loans failed for being outside of the Real Estate Settlement Procedures Act (RESPA) tolerances.

The Office of the Comptroller of the Currency (OCC) has expressed concern that some banks and nonbank financial institutions are failing in the area of compliance with the Servicmember Civil Relief Act (SCRA) of 2003 and not providing members of the military with all the protections the law affords them.