4506-T Vendors Warning of Closing Delays
Dec 20, 2017, by Brian ArnesenThe IRS called a sudden meeting on Friday, December 8th to announce that they were going to implement security to protect taxpayers. The surprise was they were implementing it over that same weekend.
3 Ways to Use Your HMDA Data
Nov 30, 2017, by Brian ArnesenDigging through the data yourself can often be tedious if you do not know what you are looking for. However, there are tools such as QuestSoft’s Market Data module that can extrapolate the information from the HMDA data for insights into an institution’s performance and allow institutions to improve their lending performance.
[Q&A] How Will a New CFPB Director Affect Compliance?
Nov 28, 2017, by Brian ArnesenWith the upcoming change in leadership, we decided to have QuestSoft President Leonard Ryan and QuestSoft Vice President of Support and Training Carey Aimone weigh in on how a new director could affect the future of compliance and regulations.
How Blockchain Can Be Used for Compliance
Nov 1, 2017, by Brian ArnesenBlockchain has the potential to impact many different industries. The financial services industry is ripe for innovation and is of great interest to enthusiasts for the adoption of blockchain. Blockchain technology can affect how compliance departments, quality control and many other departments operate. Blockchain technology can also help mortgage lenders save money by streamlining workflows and creating a better customer experience, while reducing risk.
How to Create an Exceptional Compliance Program
Oct 24, 2017, by Brian ArnesenHousingWire recently reported that Wells Fargo has appointed a new chief compliance officer to transform their compliance into an “industry-leading” program. This comes after multiple accusations of harmful business practices emerging over the past few years, including accusations of “forcing mortgage applicants to pay unwarranted fees” (Washington Post). This alone would make anyone even remotely familiar with TRID furrow their brow. So, what does it take to make an exceptional compliance program? Well, it all starts at the top.
Analysis of the 2016 CFPB HMDA Data
Oct 16, 2017, by Brian ArnesenEvery year, HMDA loan data is made public on all reporting institutions. This data is used by public groups, agencies and businesses to assess mortgage lending and develop better ways of doing business. By analyzing the data, businesses can extrapolate trends and issues across the mortgage industry.
QuestSoft Updates CFPB HMDA Testing Database to Ensure HMDA Readiness
Oct 2, 2017, by Brian ArnesenThis week, QuestSoft will be releasing the latest Compliance RELIEF update to enable customers to live test their 2018 data against the 215 new validity error codes and 42 new quality checks—three months ahead of the implementation deadline of January 1st. These new error codes have no ties to historical codes, allowing lenders to start with a “clean slate” and adjust to new standards and conditions throughout their operations.
How the CFPB is Addressing HMDA Privacy Concerns
Sep 26, 2017, by Brian ArnesenThe CFPB recently addressed how it planned handle the privacy concerns of its new HMDA reporting and collection requirements. The number of submitted fields is nearly tripling, and these fields must be stored by both financial institutions and the CFPB. With the recent security breaches at Equifax and the SEC, the privacy and security of this expanded dataset is a major concern.
What Is Alternative Data and How Is It Being Used for Loans?
Sep 22, 2017, by Brian ArnesenThe CFPB just issued a no-action letter to Upstart Network, an online lending platform, which uses alternative data to make credit and pricing decisions. This means the CFPB will not take legal action against the company for actions that are not technically legal, but are acceptable as long as Upstart provides certain information to the CFPB regarding the loan applications it receives, how it decides which loans to approve and how it will mitigate risk to consumers. The CFPB wants to study how alternative data can be used to better serve the credit needs of underserved populations.
How the New CFPB 2018 HMDA Rules Will Affect Fair Lending Examinations
Aug 31, 2017, by Brian ArnesenThe CFPB has stated that fair lending enforcement is a priority and has issued more than $45 million dollars in remediation since 2016 for violations. Institutions that are able to take advantage of the new HMDA data expansion will not only have smoother examinations, but will also be able to make data-backed business decisions.