John Vong is Co-Founder and President of ComplianceEase. He is responsible for the company's day-to-day operations and leads the implementation of the Board of Directors' strategies and policies. He also serves as a liaison coordinating the activities of the Advisory Board.
More and more, state regulators are stepping up to fill the void left by the Consumer Financial Protection Bureau. Because of this phenomenon, deregulation at the federal level could actually be creating new (and more complex) compliance challenges, especially for nonbank lenders and servicers that must be licensed in all 51 jurisdictions.
[Op-ed] Most observers believe that no matter who is heading up the CFPB, the new amendments to the Know Before You Owe / TILA-RESPA Integrated Disclosure rule or, as they are commonly referred to: TRID 2.0, most likely will take effect as planned next October.
The goal over the past few years has been to move compliance from a manual to an automated process, and more specifically moving from the post-close sampling process to the point of origination process. But, as we’ve discussed, the level of automation has been relatively basic, and more focused on preventing errors than taking friction and delays out of the underwriting and review processes.
Leading legal and compliance experts at several different HMDA sessions at MBA Tech warned attendees that the amount of data and the unprecedented level of transparency that it will give regulators pose heightened compliance risks for banks and mortgage lenders.
Maybe it’s the proximity to Disney’s Magic Kingdom, but at the Mortgage Bankers Association tech conference in Orlando this week I couldn’t help remembering futurist Arthur C. Clark’s third law of technology that says, ‘‘Any sufficiently advanced technology is indistinguishable from magic.” But can technology magically solve the industry’s compliance challenges?
Brickman takes to helm of one of the largest mortgage companies in the U.S. today, and while times at the government-sponsored enterprise are filled with uncertainty, Brickman sees nothing but excitement for the future of Freddie Mac.
When buying a home, many Americans consider a 20% down payment to be the norm, the ideal amount of money to put down to get a conventional mortgage with no private mortgage insurance and to keep monthly payments reasonably affordable.