Recent mortgage industry rules such as those laid out as part of Real Estate Settlement Procedures Act and good-faith estimate reform have pushed the need for improved compliance closer to point of sale, Martin Williams, CEO Acris Technology, told this publication.
“Previous GFEs didn't 'handcuff' lenders like today,” he said, referring to the fact that GFE reform has made lenders more liable for differences between initial loan cost estimate disclosures and actual mortgage costs.
As a result of GFE reform, compliance requirements occur “earlier” in the process and “the stakes are higher,” said Williams.
This has made it “critical” for “loan agents to have the proper training,” he said.
Operationally companies also have responded through business rules that assist loan agents with required disclosures in an effort to integrate them more efficiently into workflow and ensure the appropriate ones are provided.
