On December 9, 2013 the U.S. Department of Agriculture (USDA) published in the Federal Register final rules which will replace the current body of Rural Development (RD) regulations implementing the Single Family Housing Guaranteed Loan Program (SFHGLP),…
IDAHO FALLS, IDAHO, June 3, 2014 – DocuTech Corp., a leading provider of compliance and documentation technology, announced today it has been named to Mortgage Technology magazine’s annual Top 50 Service Providers List….
So it wasn’t a malicious attack that overwhelmed Ellie Mae’s servers after all. What exactly was it then?
The mortgage technology developer has backtracked from its previous explanation that a distributed denial-of-service attack overwhelmed its servers from March 31 to April 1….
DocuTech COO Scott Stucky argues that as the mortgage industry evolves, so should its processes in the February edition of National Mortgage News.
Click here and read page two to view the entire article….
In a notice scheduled to be published in tomorrow’s Federal Register, the CFPB is seeking information about the mortgage closing process from industry,…
The following table provides an update of the changes we are making to our documents in order to comply with the forthcoming January 2014 CFPB regulations. Those readers who have not read our previous updates and legal analysis concerning these new regulations are encouraged to view these before reviewing this table (these are available by clicking here for the initial announcements,…
On November 20, 2013, the CFPB issued its final rule for its two new Integrated Mortgage Disclosures, which is effective August 1, 2015. The new rule applies to most closed-end consumer mortgages. The new disclosures will not be required for home equity lines of credit,…
The following table provides an update of the changes we are making to our documents in order to comply with the forthcoming January 2014 CFPB regulations. Those readers who have not read our previous updates and legal analysis concerning these new regulations are encouraged to view these before reviewing this table (these are available by clicking here for the initial announcements here for the last update)….
By Amber Cushman – Compliance Attorney, DocuTech Corporation
On October 28, 2013, Richard Cordray addressed the Mortgage Bankers Association at their annual convention in Washington, DC, and he explained the agency’s mission and goals to promote “fair, transparent,…
Previously we had published an article detailing the changes we will be making to our documents in order to comply with the new CFPB regulations which will take effect in January of 2014 (see http://www.docutechcorp.com/the-january-2014-cfpb-regulations). After receiving client feedback and reviewing more of the CFPB’s new regulations,…
Come January, 2014 most of the final regulations proposed by the CFPB this year will take effect. We have been taking a pro-active approach in implementing these regulations, by identifying the areas of our business which will need to be modified to ensure compliance with them,…
A key regulation lenders have been watching is the upcoming QM/Ability-to-Repay rule. The goal of the QM/Ability-to-Repay rule amendment is to implement certain underwriting standards to ensure loans are being produced that consumers have the ability to repay. However, the QM rule will not limit lenders from only issuing QM loans,…
Posted in CFPB Rulemaking, MortgagesOn May 29, 2013, the CFPB adopted amendments to the final ability to repay rule.…
May’s “Compliance Matters” blog post, written by Fred Gooch, general counsel and vice president of Compliance, takes a closer look at maintaining vendor relationships under the Consumer Financial Protection Bureau’s (CFPB) unprecedented and stringent vendor management policies….
April’s “Compliance Matters” blog post written by Fred Gooch, general counsel and vice president of Compliance, focuses on the costs of complying with the CFPB. The CFPB’s mission is to make the consumer financial products and services marketplace as fair and transparent as possible….
As the cost of originating a loan has increased in 2013, consumers are shouldering more closing costs. In its quarterly study on closing costs, DocuTech found that the median closing costs in Q1 2013 increased by 0.4 percent from December 2012 to March 2013….
Among the more than 2,530 pages of final rules (and their analyses, history, and commentary) promulgated by the Consumer Financial Protection Bureau (CFPB), pursuant to the requirements of the estimated 920 page Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat….
Richard Cordray, the Consumer Financial Protection Bureau (CFPB) director, reiterated at a recent Consumer Advisory Board Meeting in February the Bureau’s efforts on how to improve the way consumer financial markets operate for the American people – specifically focusing on holding financial institutions accountable for its service providers’ actions….
Could the CFPB be worried that its ability-to-repay/qualified mortgage rule is already contracting the availability of mortgage credit?…
Last month marked the one-year anniversary of the designated transfer date of authority to the Consumer Financial Protection Bureau (CFPB) that took place on Jan. 21, 2012, when President Barack Obama appointed Richard Cordray as director of the CFPB in a controversial recess appointment….
