Compliance systems

In the wake of recent court rulings upholding homeowners associations' "super lien" status in foreclosures, mortgage vendors have flooded the market with products to help servicers and investors manage this long-standing threat.

VidVerify, a new company started by a co-founder of Lenders One, produces online videos that educate borrowers on the milestones of the mortgage process, while helping lenders ensure regulatory compliance.

There are more similarities between the NFL and the mortgage industry than at first meets the eye.

The Federal Housing Finance Agency provided more details Friday about key features for the new single security that will be issued by Fannie Mae and Freddie Mac.

Before Dodd-Frank, proving risk management precautions were in place was enough; now, the only real defense lenders and servicers have is an audit trail showing how violations were avoided.

Wholesale lenders and their brokers are finding preparing for the new mortgage disclosures that take effect in August especially tricky.

Although mortgage servicers technically work for the investors that pay them, the state of the business today requires that they make consumers front-and-center in their operations.

Hackers know the typical security implementations of CIOs; therefore a key element of effective IT security is to approach it from a hacker's perspective.

Ocwen Financial announced a preliminary loss of $546 million, or $4.18 per share, for fiscal year 2014 Tuesday, on a higher-than-expected goodwill impairment and charges stemming from the company's settlement with the New York Department of Financial Services.

Burlingame, Calif.-based mortgage compliance service ComplianceEase has acquired Mortgage Banking Systems of McLean, Va.

Compliance software provider QuestSoft found that nearly one in five lenders is considering switching their loan origination systems this year.

There are many ways our industry can use mobile technologies. But if we don't do it, someone else will.

Wells Fargo's quality-control procedures will play a key role in a closely watched mortgage-fraud case that could go to trial this summer. Federal prosecutors are using the bank's internal reports to allege its executives knew about deficient loans.

The mortgage application and closing process is once again facing an overhaul. The Consumer Financial Protection Bureau will soon require lenders to provide customers with integrated disclosure forms, which aim to clarify costs associated with real estate transactions. As with any new process, the switch poses a number of challenges for lenders — and could even put business at risk during implementation. Here are five pitfalls to look out for in the process.

The technology, still in its early development stages, will analyze Home Mortgage Disclosure Act files prior to formal submission to the regulator so lenders can spot and fix errors faster.

If lenders can't get the Consumer Financial Protection Bureau to back off its Aug. 1 integrated mortgage disclosures deadline, they're at least hoping to get some leniency while they adjust to the new process.

Lending groups are demanding the Consumer Financial Protection Bureau take down its mortgage rate calculator, arguing it is providing misleading information to consumers.

Lloyd's of London and Bankers Insurance Service will now offer errors and omissions insurance for Litigation Guard, an online system which performs compliance checks for non-QM loans.

A recent Supreme Court decision means that one exemption to the Fair Labor Standards Act does not apply to mortgage salespeople, but their employers might still be able to take advantage of other exemptions.

Banks can expect to incur higher costs in several areas during the implementation of a settlement agreement to improve the accuracy of credit reports. But they might benefit in the long run by getting better information on borrowers.