Lenders Worry About IDentity Fraud
Laguna Hills, CA-A survey shows recent changes to the Real Estate Settlement Procedures Act poses "the greatest compliance concern in 2009."
Also, acording to a survey of 355 lenders conducted by provider of mortgage compliance software and services, QuestSoft, borrower ID fraud is one of the top five concerns for 39% of the respondents. Up to 74% of respondents cited "adjustments to fee accuracy rules set forth in RESPA" as one of top 10 most concerning regulatory changes affecting the mortgage industry this year. RESPA adherence concerns are at 49% and compliance with federal, state and local customer laws at 45%. Also, 54% cited Home Mortgage Disclosure Act requirements to disclose public loan data.