Posts by ComplianceEase Marketing

John Vong, CMB, CMT, on eExams and Lending Compliance

John Vong, CMB, CMT, is president and co-founder of ComplianceEase, Burlingame, Calif., and a frequent contributor to MBA NewsLink. He can be reached at j.vong@complianceease.com. MBA NEWSLINK: Last fall, state and federal regulators took the unusual step of publicly calling on the real estate finance industry to integrate state-developed data standard with mortgage loan origination…

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Maximizing VA Lending in Today’s Mortgage Environment

With mortgage origination volume expected to remain flat this year and the cost to originate reaching $8,611 per loan in Q4 2018, according to the Mortgage Bankers Association (MBA), many bankers are struggling to compete in today’s environment and cannot afford to turn away any opportunities. Even though they only represent approximately 10 percent of…

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A Little Less Regulation From the CFPB, a Little More Action From the States

California’s Department of Business Oversight recently put nonbank mortgage lenders and servicers on notice about complying with the state’s Residential Mortgage Lending Act. The CRMLA requires licensees to submit to the commissioner of Business Oversight, an annual report that contains the following data: loans originated, loans brokered, loans serviced, foreclosures and adjustable rate and other non-traditional mortgage…

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More Is More: A Look at the Growing Role of State Regulators

Recently, New Jersey Attorney General Gurbir Grewal and Governor Phil Murphy announced that the state would create a “state-level CFPB” to “fill the void left by the Trump Administration’s pullback of the Consumer Financial Protection Bureau.” And the Garden State is not alone. Shortly after Office of Management and Budget Director Mick Mulvaney was appointed…

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CFPB Fills In The Dreaded ‘Black Hole’

Black Hole, noun, ASTRONOMY. A region of space/time possessing a gravitational field so intense that no matter or energy can escape. –informal, a place where people or things, especially money, disappear without trace. After several years of uncertainty, the Consumer Finance Protection Bureau closed the infamous TRID “black hole” once and for all. Now lenders…

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TRID 2.0 Will Require Significant Revisions to Existing Software

PERSON OF THE WEEK: Despite the recent turmoil in the leadership ranks of the Consumer Financial Protection Bureau (CFPB) and the ongoing possibility of regulatory rollback, the mortgage industry must nonetheless move forward and prepare for the next iteration of the bureau’s Know Before You Owe/TILA-RESPA Integrated Disclosure rule, also known as “TRID 2.0,” which clarifies…

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