Compliance systems

Moves by lenders to adapt their processes with the TILA-RESPA integrated disclosure rule in mind appear to have staunched the increase in loan application defects, according to ACES Risk Management.

The Federal Communications Commission has denied a request to exempt servicers from getting consent before robo-calling borrowers' mobile phones, rejecting arguments that the waiver would enable the mortgage industry to better help delinquent borrowers.

Banks have been waiting on Justice Department guidelines on how to make their websites compliant with the Americans with Disabilities Act, but many are being advised to take action now or face lawsuits from disabled customers.

Mortgage brokers were among the companies that received the regulator's warning letters, but brokers are not required to report HMDA data — leading many to suspect mini-correspondents, which straddle the line between broker and lender, were the recipients.

The Consumer Financial Protection Bureau's proposed changes to new mortgage disclosure requirements do not go far enough, according to many in the industry.

In a move designed to help further calm lender fears about mortgage repurchase liability, Fannie Mae is preparing to offer immediate representation and warranty relief to lenders that use its suite of automated quality assurance technology.

The Internal Revenue Service's indefinite delay of a deadline for a new authentication procedure has headed off concerns about potential interruptions in mortgage production.

While compliance costs continue to increase for lenders, the rising age of company owners is what's prompting many independent mortgage bankers to sell their companies.

Servicers have long skimped on technology investment, leaving legacy systems that can't keep pace with compliance demands. But rising costs and a new round of regulations are compelling both servicers and vendors to finally address these deficiencies.

First American Financial Corp. has acquired post-closing services and document management technology provider TD Service Financial Corp.

Automated underwriting and compliance services provider LoanScorecard has released a new product and pricing engine for portfolio lenders and originators.

Artificial intelligence like IBM's Watson may not make bank compliance officers obsolete, but it could mean far fewer of them will be needed in the future, focused on higher-level tasks.

IBM will purchase Promontory Financial Group — a consultancy so influential it has been dubbed the industry's "shadow regulator" — in a move that could extend artificial intelligence into every aspect of banking.

Regions Financial Corp. has agreed to pay $52.4 million to settle allegations that it violated the False Claims Act by originating and underwriting mortgages that did not meet Federal Housing Administration requirements.

In order for the mortgage industry and its technology to evolve in the future, lenders and servicers must redefine their expectations for connectivity and demand more open integrations between the systems they use.

Mid America Mortgage will begin purchasing electronically closed loans through its correspondent lending channel.

New specifications for Fannie Mae and Freddie Mac's common mortgage application unveiled Tuesday add data points and remove obsolete questions, as well as include additional capabilities to promote digital mortgage workflows.

Reynolds and Reynolds subsidiary International Document Services has added a fulfillment dashboard to its idsDoc mortgage document preparation system.

Mortgage closing technology company Snapdocs has released a new suite of tools tailored to meet the needs of settlement and title companies.