Compliance systems

The number of misrepresentations in mortgage applications continued to decline in February, benefiting from lenders' increased spending on compliance, said First American Financial Corp.

LoanLogics has raised $10 million in new capital that the mortgage software vendor plans to use to support its growth.

Lenders can mitigate fair lending violations through employing technology and tools that shed light specifically on their blind spots, one major area of focus recently solidified by the Consumer Financial Protection Bureau.

Lenders are becoming more reluctant to share closing documents with real estate agents now that they have more responsibility for them, the National Association of Realtors claimed Thursday.

Opus Capital Markets Consultants, a unit of Wipro, has created a division for identifying operational and loan-level risks within a residential mortgage servicing operation.

SharperLending has registered its Appraisal Firewall software product as a lender agent with the Federal Housing Administration.

The Dodd-Frank Act is a burden on community banks and credit unions but regulators are struggling to quantify the costs, according to a report released Wednesday by the Government Accountability Office.

CoreLogic has agreed to buy FNC, a provider of real estate software, for $475 million in cash.

Ellie Mae has released an updated version of its mortgage management software, with updates on compliance and overnight rate protection for secondary marketing.

A plan by the government-sponsored enterprises to begin collecting the new Closing Disclosure data is designed to promote Fannie Mae and Freddie Mac's loan quality goals. But the initiative may also prompt broader use of e-signatures and paperless processing.

A proprietary loan origination system is the best way to stay ahead of compliance and organizational growth.

Critical shortcomings in data management and analytics to support servicing rights transfers will become more problematic amid servicer expectations of accelerated activity, according to the results of a National Mortgage News survey.

Accurately capturing mortgage data to meet new federal regulators is a top challenge for banks and credit unions, according to Wolters Kluwer Financial Services.

An alternative compliance model merges mortgage and home equity oversight by focusing on common operations is an innovative way to compete with the traditional manner of handling those efforts separately.

ComplianceEase has introduced an insurance-backed warranty program for audited loans.

Xome, a Nationstar Mortgage Holdings effort to automate the home-buying process, has launched a notary mobile app.

The Department of Housing and Urban Development launched a new ethics program that will support whistleblower, ombudsman and hotline initiatives.

Lenders that allow borrowers to shop for third-party settlement services face new liability, as the Consumer Financial Protection Bureau's integrated mortgage disclosure rules will let borrowers sue over problems with vendor lists.

Servicers should make some simple requests of their tech vendors to tailor compliance systems to their needs and avoid the headaches of overhauling compliance systems.

Fraud risk has diminished as a result of widespread changes that lenders have made to their origination practices, according to Fitch Ratings.