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Compliance

UDAAP Risk is Risky Compliance Business

“How do you solve a problem like Maria? How do you catch a cloud and pin it down?” – Lyrics, “Maria,” The Sound of Music The singing nuns in the iconic film described the trainee Maria as “A flibbertijibbet! A will-o’-the wisp!” In financial services compliance, we have our own …

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Mortgage Quality Assurance and Quality Control

The technical aspects of compliance are most meaningful when they support a consistent and comprehensive program of mortgage quality. Whether mortgage lenders are striving to meet the requirements of HUD, FHA, Fannie Mae, Freddie Mac, or a provincial regulator, the principles of quality control and quality assurance improve or enhance …

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Keep Calm And Compliance On

By Ben Wu Everyone is familiar with “Keep Calm And Carry On,” the motivational poster produced by the British government in 1939 to steady the morale of the British people during World War II. Today, it seems the mortgage industry needs to keep this advice in mind as we continue …

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Financial Crimes Enforcement Network

The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury. FinCEN has the responsibility to protect the U.S. financial system from illegal use, to prevent and deter money laundering, and facilitate national security by collecting, analyzing, and disseminating financial intelligence among financial authorities. To …

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RESPA Kickbacks

Get your “kicks” on Route 66, not from RESPA! The Real Estate Settlement Procedures Act (RESPA) was enacted by Congress in 1974 to regulate the disclosure of all costs and business arrangements in a real estate transaction settlement process. One purpose of RESPA is to regulate the referral of business …

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National Flood Insurance Program

Flood Insurance Rules Flood compliance has been challenging historically, and it has become more complex with the recent implementation of a new flood check form, flood changes included in the CFPB’s mortgage servicing rules, and the promulgation of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The National Flood …

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Credit Reporting Compliance

The comments about credit reporting at your next examination may come as a surprise. It’s something that most of us don’t think that much about, especially considering the heavy hitting issues of TRID, HMDA, and UDAAP. Think the Consumer Financial Protection Bureau (CFPB) and other federal bank regulators aren’t thinking …

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TRID, Revisited with Richard Horn

If there’s one man to take the credit—or blame- depending on your feelings for TRID, it’s Richard Horn. Currently the head of his own law office, Horn was senior counsel and special advisor at the Consumer Financial Protection Bureau (CFPB) at the time TRID was formulated, and he led the …

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