Mortgage Lenders Must Embrace the New ‘Data Economy’
The most significant legacy of the 2008 recession and economic crisis for mortgage lenders is not the advent of the Consumer Financial Protection Bureau and the reworking of an entire industry’s regulatory environment but rather the increased use of data and data automation in the mortgage process.
Lenders have always relied on data. Underwriting has always required accurate collection and analysis of a borrower’s financial data and a property’s value data. However, in the last decade, rapid advances in technology have led to a significant increase in the rate at which new data is being created and used. Due to pressures from regulators and the rapid adoption of digital commerce by consumers, lenders are collecting, analyzing and reporting vast volumes of data.
Loretta Kirkwood Named One of the Most Powerful Women in FinTech
For more than three decades, Loretta Kirkwood has been one of the leading women helping lenders navigate the constantly changing fair lending and compliance landscape. She has vast experience in both the lending and regulatory worlds,
which she has used to build new compliance processes, educate the industry on fair lending best practices and work with regulators to revise rules to benefit both consumers and the industry.
Today, she is using that experience to help build a
fair lending compliance automation platform to help lenders better analyze and understand fair lending risks associated with lending performance, while maintaining focus on profitability.
HMDA Halftime Report
Last year, vendors and mortgage companies worked hard to be ready for the big game. Millions of dollars were spend beefing up systems, training staff, and asking questions of the powerful referee, the Consumer Financial Protection Bureau (then known as the CFPB), to ensure the tough new rules with three times the data requirements could and would be followed.
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Steve Butler: HMDA Not the Only Compliance Concern For Mortgage Lenders in 2018
Q: Beyond adjusting to the new HMDA reporting requirements, what will be the most important compliance issues mortgage lenders face in the coming year?
Steve Butler: While many are relieved that the initial date for the last of the major CFPB regulations, HMDA, has now passed, we feel that HMDA changes are far from over. So, continuing issues with HMDA, the volatility at the CFPB, and digital mortgages are going to produce the most pressing new compliance issues.
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MBA: What is the most important issue facing your company right now?
LEONARD RYAN, QUESTSOFT: As the premiere HMDA solution provider to the industry, our most important issue through 2018 will be implementation of the new HMDA rules. We are working closely with over 40 vendors as well as the CFPB, to ensure that our customers are easily able to make the transition to the new expanded HDMA dataset. We released a 2018 testing module a year in advance to our 2200+ customers who are providing valuable feedback. This is the biggest change to HDMA since 1975 and we are at the forefront of helping our industry prepare.
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QuestSoft has partnered with Key Compliance Services, creators of The HMDA Academy, to provide their Compliance RELIEF customers with a complete suite of informational and multimedia tools that complement
their robust and industry leading platform.
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Were Mini-Correspondents the Target of Those HMDA Warning Letters?
By Austin Kilgore
October 28, 2016
The Consumer Financial Protection Bureau's warning letters about Home Mortgage Disclosure
Act obligations has prompted speculation that the regulator once again has mini-correspondent lenders in its sights.
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Leonard Ryan: New HMDA Data Will Be A "Lawyer's Paradise"
PERSON OF THE WEEK: MortgageOrb recently interviewed Leonard Ryan, President of QuestSoft, to get his perspective on how lenders should go about preparing
for the newly expanded reporting requirements under the Home Mortgage Disclosure Act (HMDA) -– and what their main concerns are.
Making Heaven Out of HMDA
by Leonard Ryan
The good news is the CFPB extended the implementation start date for the new CFPB HMDA rules to January 2018. However, this does not mean there is rest
for the battle-weary compliance officer. Find out why . . . [PDF]
Something HMDA This Way Comes
by Leonard Ryan
The mortgage industry has endured dramatic and substantial change during the past 10 years. Some from self-inflicted wounds, but most change has been
the collateral damage through regulation forced upon the industry players that properly conducted their business.
Read the full article [PDF]: Something HMDA This Way Comes
Person Of The Week: Leonard Ryan -- Lenders Must Focus On RESPA/TILA, HMDA
MortgageOrb recently interviewed QuestSoft's Leonard Ryan to get his perspective on what lenders should focus on as we move
into 2015 - including how they can meet the challenge of complying with the newly expanded Home Mortgage Disclosure Act (HMDA). Click here to read the full interview.
The Industry’s Biggest Compliance Concerns
by Leonard Ryan
July 2014 marks the fourth anniversary of the Dodd-Frank Act and the third anniversary of the Consumer Financial Protection Bureau (CFPB). In some ways, not much has changed since July 2010 and 2011; the industry is still plagued by rule
announcements with monthly adjustments until their effective date and even quicker implementation deadlines.
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