Producing compliant, and saleable mortgage loans: Do you have what it takes?
Less than two weeks after mortgage lenders were required to implement the TILA–RESPA Integrated Disclosure (TRID) rule last October, the Consumers Financial Protection Bureau (CFPB) announced finalization of the new Home Mortgage Disclosure Act (HMDA) data collection rules – with 39 additional data points and modifications closely intertwined with the mortgage origination process. Those are just some of the regulatory complexities that mortgage lenders will encounter in 2016.
For credit unions that want to enter the mortgage arena, changing regulations might give you pause. Even seasoned mortgage lenders may be a little daunted by what it takes to stay on top of existing and pending requirements: attention to research capabilities, staff training, analytical expertise, IT systems, etc. Take heart. You can feel free to pursue mortgage lending opportunities to the fullest, because there’s a solution to today’s regulatory compliance complexities – one that’s proven to work.
A compliance support mechanism, built into your mortgage lending process
In the past, a lender’s Loan Origination System (LOS) would pretty much supply all the technology needed to manufacture a mortgage according to regulatory requirements. Now, far more sophisticated technology is needed. If you miss a step in the process today, some things can be fixed and some can’t. And violations carry the risk of supervisory penalties, fines and reputational harm.
Many financial institutions depend on a mortgage lending solution with a built-in technology platform specifically designed to handle countless compliance details, deadlines and double-checking. Credit unions that partner with QR Lending, for example, know that nothing will be left to chance during any stage of the lending process. At no extra cost, they can rely on their technology system to originate mortgage loans (including FHA and VA loans), pull credit and score loans, underwrite, close the loans, and even service them if desired – all in strict adherence to applicable regulations and rules. As a bonus, the credit unions have the option of using the technology platform to originate compliant loans for their portfolios as well.
Compliance can’t wait
Nothing beats the assurance of knowing your credit union can cost-effectively gain the technology, expertise and processes to comply with the never-ending complexity of mortgage regulations – current and yet to come. The sooner you’re able to take mortgage lending compliance in stride, the better. Call QR Lending today. 888.766.4734.
