Home / Weekly Newsline

Weekly Newsline

Production Incentives – Incenting Unwanted Problems?

Financial institutions sometimes choose to implement incentive programs to achieve business objectives. When properly implemented and monitored, reasonable incentives can benefit consumers and the financial marketplace. In November 2016, the Consumer Financial Protection Bureau (CFPB) published “CFPB Compliance Bulletin 2016-03 (Bulletin)” to share the CFPB’s supervisory and enforcement experience in …

Read More »

Racing with Cyber Security

In October 2017, Mortgage Compliance Magazine featured cyber security compliance to help highlight National Cyber Security Awareness Month. According to a September 2017 Grant Thornton study, federal chief information officers (CIOs) reported progress on both agile and cloud computing initiatives, although many still struggle with effective security implementation. Investment is …

Read More »

Appraisal Independence ABCs

Appraisals are professional judgments of the market value of real property based on a variety of market factors. Uniform Standards of Professional Appraisal Practice (USPAP) can be considered the quality control standards applicable for real property, personal property, intangible assets, and business valuation appraisal analysis and reports in the United …

Read More »

Advertising in 2017 and Beyond

Advertising for mortgage products is a broad road. Newspaper ads? Pft! We have new challenges way beyond that! Compliance management for advertising, marketing, and business development activities includes technical requirements of several laws, regulations, and rules; a review/approval process for any promotions or advertisements of mortgage loan products and services; …

Read More »

Compliance Reporting – Senior Management and the Board

As a mortgage compliance professional, you accumulate massive amounts of data through regulatory reading and research, discussions with staff and management in business sectors, monitoring and review functions, and many other day-to-day activities. What should you do with all that data? Who needs to know, and, more importantly, what does …

Read More »

Risk Management – Compliance Culture

To strengthen its compliance culture, a financial institution must ensure that compliance risks are not compromised by revenue interests. Seems simple, but there are many issues to consider that underlie a strong compliance culture. Compliance Culture Attributes A strong compliance culture begins at the top of the organization; is inseparable …

Read More »

Get MIREd down for flood checks (when flood checks are required)

You might expect our advice would be to NOT get mired down in the details of compliance, but, for flood requirements, it is just the opposite! When you are struggling with a question about obtaining a flood hazard check, remember the MIRE notice rule, that is Make-Increase-Renew-Extend. Flood Law Background …

Read More »

What to Do About Credit Balances or Errors

We don’t often think about credit accounts with credit balances (more often, we are thinking about a deficit of payments). We may on occasion receive complaints, though, about alleged errors on credit accounts. Both situations require specific compliance actions. Enacted in 1975, the Fair Credit Billing Act (FCBA) is a …

Read More »

Where is FCRA compliance hiding?

Question: Where can I find all the compliance provisions required by the Fair Credit Reporting Act? Answer: Here, there, and everywhere. The Fair Credit Reporting Act (FCRA) was a law passed in the 1970’s and was fairly straight forward.  The primary purpose of the FCRA was to provide guidance to consumer …

Read More »

Vendor Management – Do You Know the Score?

Financial institutions routinely use vendors to get additional resources they need or to take advantage of skillsets not feasible or available organically. Vendor services can be more cost effective and more efficient than hiring staff. Vendor management is an important issue for compliance and risk management, and it is scrutinized …

Read More »