Major financial reform laws are now a matter of when, not if. On June 25, the joint committees of the House of Representatives and the Senate hammered out their final compromises on the differences between their respective bills. The House passed the revised bill on June 30,…
The mortgage banking industry is officially paperless now.
Even though most companies are indeed scanning their loan files at some point in the process (typically as a last step) the reality is that most lenders are not actually paperless….
On December 22, 2009 the Federal Reserve and the Federal Trade Commission (the “Agencies”) released new and finalized rules for risk-based pricing notices, which will become effective on January 1, 2011.
The Federal Reserve Board has implemented part of these new regulations in 12 CFR §222 et el….
California Finance Code §4995.2(c), effective July 1, 2010, requires mortgage brokers who arrange only higher-priced mortgage loans to disclose that fact to a borrower, both orally and in writing, at the time of initially engaging in mortgage brokerage services with that borrower. We do not think it is likely that any of our clients are brokers who only do HPML’s,…
As more parties demand transparency and increased data quality, lenders are reacting by migrating to a more paperless process and investing in electronic document management technology. [DocuTech customer] Castle & Cooke switched from a paper- and labor-intensive process to a more automated one when they contracted document preparation vendor DocuTech….
Bankers as Buyers is an annual report prepared by the William Mills Agency, along with the assistance of analysts and bankers nationwide, “to help financial institutions and those companies serving them validate their strategic IT direction,…
One of the more confusing aspects of the new RESPA rule has been the treatment of transfer taxes. HUD staff members have informally discussed the fact that transfer tax disclosure issues have generated many of the questions submitted to the department. …
DocuTech is a trusted resource for the mortgage industry, and our staff are constantly providing insight and advice through interviews and articles in the press.
Did you miss us? Below are some of the highlights we have shared with lenders just like you this year….
Worksheets seem to be an item of interest among mortgage originators since the implementation of the new Good Faith Estimate at the beginning of the year. DocuTech’s compliance department has received many inquires about worksheets and recently HUD has given some guidance for those wishing to use worksheets in their initial disclosure packages. …
(Note: This is a revised article from several months ago addressing this topic. The article has been updated to include information about new data integrity checks added to the ConformX application)
On October 1,…
