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?
Eight years after we began recognizing women for their influential work in the expanding housing and mortgage finance ecosystem, a traditionally male-dominated field, our Women of Influence list is bigger and better than ever! This year, we honor 85 women who are making lasting achievements in each sector of the housing economy. Read on to learn more about these accomplished women and the strides they are making in their industry segments.
The financial world at large is experimenting with changing its workforce culture in ways not fathomable 10 years ago. For example, in 2011, the dress code for female workers at UBS came to light with unflattering results. In it, the Swiss bank instructed female employees on not just how to dress and how to smell, but also preached the importance for ladies to apply lotion after taking showers. Fast forward to today and fellow Swiss bank, Credit Suisse has now created an official role to boost equal opportunities and create a fair treatment environment. Has the American mortgage industry made similar progress?
The conversation around student loan debt and its economic impact on Millennials, those born from 1980 to 1998, has some questioning whether the future of the American Dream is in jeopardy. The nation’s student loan debt has soared to $1.4 trillion, surpassing credit cards in becoming the largest source of personal debt outside a mortgage.