Data Facts Lending Solutions Blog

Mortgage Lending Services Vendor Management Checklist

Posted by Susan McCullah

May 25, 2018 1:35:00 PM

Third Party Vendor Management is a hot topic within the mortgage industry these days. 

One of the first (and most effective) steps you can take to limit potential third-party risk, is to properly vet and reduce the vendors of your mortgage lending services to only the ones that adhere to the most stringent of compliance standards.

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Topics: Mortgage compliance, Compliance, mortgage lending services

Are You a Lender Concerned About the Cost of Lending Compliance?

Posted by Susan McCullah

Jan 31, 2017 3:24:51 PM

 

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Topics: Mortgage compliance, Compliance, CFPB, mortgage lending services

7 Tips For TRID Success

Posted by Jennifer Hamby

Sep 3, 2015 8:30:00 AM

The TRID deadline is only 1 month away! October 3rd is an important date in our industry, and information and preparedness are key to successful compliance with TRID.  Below are some quick and easy tips on the 3-day rule.  

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Topics: Compliance, Third Party Vendor Management, TRID, BDV

6 WAYS TO CLOSE LOANS FASTER AND STAY IN COMPLIANCE

Posted by Johnna Leeds

Jul 15, 2015 10:05:00 AM

In today’s financial climate, it is becoming more evident by utilizing bundled services from a single provider Lenders will be able to serve clients more effectively, profitably and will emerge as industry leaders.

Why should you bundle services? First of all, one vendor equals fewer headaches. It standardizes operations and saves time. You don’t have to call, email and wait for responses from multiple vendors. Secondly, it builds a stronger relationship. This makes for a more positive overall experience. Lastly, it helps you to stay in compliance. Compliance is ALWAYS a top priority. Bundling services minimizes the risk of being out of compliance by having all your paperwork from ONE source. Your chosen vendor should be constantly providing compliance information for your records.

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Topics: Data Facts blog, Identity theft 2012, Identity theft, FCRA, wordpress blog, Data Facts, Mortgage loan, Mortgage, Credit Score, Mortgage compliance, mortgage fraud, AVM's, Improve Credit Score, credit cards, credit history, Automated Valuation Model, Compliance, mortgage news

5 Steps To Best Manage 3rd Party Vendor Compliance

Posted by Jennifer Hamby

Jun 29, 2015 8:00:00 AM

TRID, TRID, TRID….it seems this has been the main focus, and topic of discussion this entire year.  And with delays and more delays, we are now wondering will this ever come to fruition? 

One thing we know is the CFPB is clear about their stance on consumer protection and that includes third-party vendor relationships. When a transaction between a financial institution and its customer involves a third-party, the financial institution is still responsible for compliance with laws and regulations 

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Topics: Compliance, Third Party Vendor Management, TRID

Reduce Costs and Ensure Compliance with Technology

Posted by Jennifer Hamby

Jun 8, 2015 7:15:30 AM

As a mortgage lending services company, we have seen big changes lately. Over the past few years, the mortgage industry has faced multiple significant regulatory changes.   The Office of the Comptroller of the Currency, the Consumer Finance Protection Bureau, the Federal Reserve, and the Federal Deposit Insurance Corporation, (just to name a few)  all have issued new rules and regulations that affect our industry.  And like everything else, these changes come with a price.

The overall cost of originating a loan has gone from $2,291 per loan in 2008 to $6,769 in 2014, according to the MBA, with compliance costs being the fastest growing operational costs in our industry. 

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Topics: Mortgage compliance, Compliance, compliance tips for lenders, hiring process, mortgage lending services

3rd Party Vendor Management Checklist

Posted by Jennifer Hamby

May 26, 2015 2:20:00 PM

Third Party Vendor Management is a hot topic these days. 

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Topics: Mortgage compliance, Compliance

Due Diligence in Third Party Selection

Posted by Jennifer Hamby

Oct 9, 2014 4:36:00 PM

Third Party Vendor Management is a hot topic these days. 

In preparation for the August 2015 deadline, one of the first (and most effective) steps you can take to limit potential third-party risk, is to review and reduce your vendors to only the ones that adhere to the most stringent of compliance standards.

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Topics: Mortgage compliance, Compliance, Best Practices, third party vendor, BankerVMS, Third Party Vendor Management, TRID, BDV

The Financial Impact of UDAAP Non-Compliance

Posted by Jennifer Hamby

Aug 14, 2014 4:47:01 PM

UDAAP:  Unfair, Deceptive, or Abusive Acts or Practices Policy.  Among all the changes the Dodd-Frank Act brought, many believe UDAAP will turn out to have the most significant impact on the banking industry, and all third party vendors supplying mortgage lending services to the banking industry.  Given the impact and significance of other Dodd Frank Act changes, combined with UDAAP’s broad and vague scope, it could potentially be the most dangerous weapon in the Bureau’s arsenal.

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Topics: Mortgage compliance, Compliance, UDAAP, third party vendor

The Importance of Vendor Management

Posted by Jennifer Hamby

May 28, 2014 1:02:00 PM

Over the last few years, GSE’s, the CFPB and the OCC have issued new vendor management requirements placing increased scrutiny on how banks and nonbanks are managing third-party risk.

It is clear that the regulators and government agencies expect more oversight.

In the servicing business, it has always been critical to have a strong vendor management and oversight program for any outsourced functions or third-party services purchased on the behalf of others. However, depending on the function or company size, the focus may have been more on performance management and less on due diligence and vendor risk.

According to a bulletin published last year by the CFPB, the bureau wants to ensure that consumers are protected from irresponsible service providers and that servicers are contracting with ethical third parties. The CFPB expects banks and nonbanks to have an effective process in place to manage the risk of outsourcing. Specifically, a supervised entity, at minimum, must thoroughly review the service provider’s policy and procedures, internal controls and training materials.

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Topics: Mortgage compliance, mortgage fraud, Compliance, Mortgage Lending, third party vendor, Third Party Vendor Management

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