Articles by John Vong

A little less regulation from the CFPB, a little more action from the states

Why decreases in federal oversight brings more regulations
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.
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From HW Magazine

What's next in mortgage compliance?

It's not just fintech - it's regtech
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.
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Mortgage technology will be ready to address TRID

Won’t magically make challenges and cost of compliance disappear
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?
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