Compliance

Industry Compliance Websites

Law Firm  Resource
Buckley Sandler’s Infobyteshttp://www.infobytesblog.com/
Ballard Spahr’s CFPB Monitorhttp://www.cfpbmonitor.com/
LotsteinLegal’s Library of Links – subscribe to their newsletter via email
http://www.lotsteinlegal.com/library/links.html
K&L Gates’ Financial Services Watch
http://www.consumerfinancialserviceswatch.com/
Federal Reserve Bank of Philadelphia’s Consumer Compliance Outlook
http://www.philadelphiafed.org/bank-resources/publications/consumer-compliance-outlook/…

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Qualified Mortgage Remorse?

By Richard J. Andreano, Jr., on March 1st, 2013
Reprinted With Permission From Ballard Spahr Posted In CFPB Monitor

Could the CFPB be worried that its ability-to-repay/qualified mortgage rule is already contracting the availability of mortgage credit?…

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DocuTech Study Finds Closing Costs Drop Half a Percent in 2012

DocuTech announced in February that the median closing cost among the company’s nationwide lender base decreased by 0.5 percent on a baseline from April to November 2012. The findings are the first of a quarterly tracking effort to highlight how changes in the mortgage industry are impacting the cost for consumers to close loans….

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DocuTech Continues Rapid Company Expansion, Hires Nine New Employees

DocuTech has continued its company expansion to meet the growing demands of its partners, customers and the industry by hiring nine new employees in the first couple months of 2013 to support larger lender customers and enhance compliance capabilities.

The new employees contribute to the company’s continued success in the Implementation,…

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New Document Preparation Matrix Available on DocuTech Website

The Document Preparation Matrix summarizes, state-by-state, the ‘practice of law’ regarding mortgage document preparation. Important research references discussing mortgage document preparation and what actions may constitute the unauthorized practice of law are provided.  State guidance can vary widely from stating that a corporation lending money may prepare documents in connection with that loan (Arizona) to requiring that an attorney be involved in a direct or supervisory capacity in drafting or reviewing all documents affecting transfer of title to real property (Delaware). …

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Document Changes: RI Tangible Net Benefit (Cx11242)

Cx11242 is required under the Rhode Island Home Loan Protection Act (R.I. Gen. Laws §§ 34-25.2-1 through 34-25.2-15), but more specifically under R.I. Code R. 11-2-3:5(A)(v) (2012) and must be given in connection with a home loan which refinances a previous loan which was consummated within the prior 60 months….

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Document Changes: CA Impound Account Statement (Cx1231)

This document is given pursuant to Cal. Civ. Code § 2954(a) (West 2012) and contains a section where the borrower elects either to establish a voluntary impound account for the payment of taxes and insurance or to pay for such charges directly….

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Document Update: ME Important Notice About Property Taxes (Cx13569)

Unlike most disclosures, which are required by either a statutory or administrative law, Cx13569 is required by enacted legislation that has not been codified (2008 Me. Legis. Serv. 687, § 2 [West]).

This legislation requires the Department of Administrative and Financial Services,…

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Document Changes: VT Mortgage Loan Commitment Agreement (Cx4671)

Pursuant to our policy of including lender signature lines on documents only as required by either applicable law or an official/model form, we will be removing the lender signature line and area from Cx4671, which is provided pursuant to the provisions of Vt….

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Document Changes: PA Application Disclosure (Cx3738)

Cx3738 is given pursuant to the provisions of 7 Pa. Cons. Stat. Ann. § 6121(10) (West 2012) at application. Pursuant to company policy of only including lender signature lines on documents when either explicitly required by applicable law or when as a part of a model form,…

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