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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]

On Compliance: The Next HMDA Wave
by Leonard Ryan

Dealing with regulatory changes is like wrestling with the ocean. Every time you manage to come up for air after one wave, another is coming over the horizon. For most of the past two years, the focus for credit union mortgage compliance executives has been on getting ready for the TILA/RESPA Integrated Disclosures or "TRID" that finally went live in early October.  
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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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May 12, 2014

How Credit Unions Can Prepare for the Expansion of HMDA
by Leonard Ryan

If you thought the Consumer Financial Protection Bureau (CFPB) was finished with new rules after 2014’s slew of fresh regulations went into effect, think again. One of the biggest acts still waiting for a formal rewrite is the expansion of the Home Mortgage Disclosure Act (HMDA).  Click here to find out more.

April 24, 2014

Will There Be Many LOS Switches This Year?
Our industry saw big CFPB regulatory changes this past January. Leading up to these changes most lenders were re-evaluating their loan origination software (LOS). Some decided to stick with their LOS and others switched. So, the question for lenders this year is: Will they regret the LOS decision they made last year? New research sheds some light on this situation. [Click here for the rest of the story]

December 10, 2013

Texas Dow Streamlines HMDA Reporting with Automated Solution
With the annual March 1 date looming for federal Home Mortgage Disclosure Act compliance, Texas Dow Employees Credit Union has successfully implemented an automated solution that saves time, money and beats the deadline.  [Click here to read the full story]


March 20, 2014

The Compliant Will Thrive
As the mortgage industry adjusts to a new regulatory environment, QuestSoft Corp. continues to meet the compliance demands of the market. [Read Full Story]


March 19, 2014

Q/A with Leonard Ryan of QuestSoft Corp.
MBA NewsLink recently talked with Leonard Ryan, founder and president of QuestSoft Corp., Laguna Hills, Calif., a provider of automated compliance review software for the mortgage industry. [Read Interview]


December 10, 2013

Tackling Compliance -- Executive Interview with Leonard Ryan
QuestSoft's Leonard Ryan details all you need to know about compliance based on his 20-plus years of mortgage experience. [Read Interview]

Progress in Lending -- Eye on Compliance

April 4, 2013

Changing the HMDA Mindset by Leonard Ryan
It has been interesting to see how year after year lenders still struggle with HMDA despite the current process being stable for almost 10 years. Too many compliance managers seem to be locking the door and refusing to take calls in February. Being assigned a HMDA-specific task has been described as “hell” by some and many are volunteered for the job. But I have also seen many companies become well-organized HMDA pros with a new approach... [Read More]

Progress in Lending

February 7, 2013

Good Compliance Requires Good Data
We are all familiar with the phrase “System of Record”. This phrase is naturally applied to loan origination systems. However, in today’s digital lending world, that is often not the case. A lender can have many systems of record, depending on the vendors they rely upon for different processes. The problem? Examiners expect to electronically access these systems and quickly find clarity and data consistency. So where do you start?... [Read More]

Progress in Lending

November 9, 2012

Does Mortgage Reform Have To Be Painful? by Leonard Ryan
This past summer, Brenda Hughes, senior vice president and retail lending administrator for First Federal Savings Bank in Twin Falls, Idaho, testified before Congress on the new mortgage disclosures and how to cut red tape for consumers and small businesses. Ms. Hughes voiced the frustrations of many lenders . . . [Read More]


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Mortgage Technology

September 27, 2012

QuestSoft Named One of Three Finalists for Lenders' Choice Award
Mortgage Technology magazine announced the finalists for their inaugural "Lenders' Choice Award" -- and QuestSoft Corporation is one of only three companies in the finals. "The Lenders’ Choice Award recognizes the technology provider that offers the best customer service, value proposition and overall user experience," said MT publisher Austen Kilgore. "Lenders and servicers were asked to rank their top three technology providers based on their combined evaluation of the three metrics." The Lenders' Choice Award is based on the votes from companies listed on Mortgage Technology's recent "Top Tech-Savvy Lenders & Servicers," and the winner will be announced in Chicago at the Mortgage Technology Awards Ceremony on October 21st. [Read More]

Bank News

July 24, 2012

Lining Up The Compliance Targets by Leonard Ryan
When the Dodd-Frank bill passed into law two years ago, bankers and lenders knew it would take time to propose, write, evaluate and pass the nearly 400 individual rules established by the law. But progress has been painfully slow, leaving many bankers unsure of exactly what the new regulations will require... [Read More]

Tomorrow's Mortgage Executive

July 2012

The Intensity of Change by Leonard Ryan
As the second anniversary of the Dodd-Frank law nears, the mortgage lending industry is still struggling with understanding what has changed... [Read More]

Mortgage Banking

April 2012

Shelter In The Storm by David Jones
QuestSoft is striving to give lenders peace of mind in the midst of an ongoing compliance blizzard.... [Read More]