TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/472534
20 | Th e M Rep o RT 2015 tila/respa update • • Platforms•that•help•in•formatting•and•pro- ducing•the•new•disclosures,•and•ensure•that• all•required•text,•formats,•and•data•fields•are• designed•and•sorted.• • • Web•portals•that•have•a•managed•network• of•service•provider•rates•and•fees. • • Web-based•solutions•that•allow•for•the• building•of•custom•websites•for•consum- ers•and•provides•origination•packages•to•be• used•by•lenders. • • Software•for•training•pursuant•to•the•new• Closing•Disclosure•form.• (Editor's note: Some companies that feature such software include, ARMCO's ACES Web Audit Technology; Carleton's SmartDocs; ConsumerAssist's OpenClose; and RamQuest) Digital•Risk,•LLC,•offers•a•platform•called• TEGO™,•which•uses•real-time•data•to• compliment•servicing•compliance•programs,• supports•all•applicable•compliance•oversight• requirements,•and•provides•enhanced•risk• management•and•mitigation.•TEGO•can•be• configured•into•modules•and•customized•to• meet•specific•client•portfolio•features•and•risk• areas•and•addresses•the•concerns•raised•by•the• new•regulations.•• • Industry Guidance W hile•preparing•for•the•August•1•dead- line•may•seem•daunting,•there•is•no• need•to•go•at•it•alone.•Two•great•resources• for•handling•this•change•are•the•Mortgage• Industry•Standards•Maintenance•Organiza- tion•("MISMO")•and•the•CFPB•mortgage• eClosing•pilot•program. MISMO•is•a•technology•standards•devel- opment•institution•for•the•residential•and• commercial•real•estate•finance•industries• and•is•a•wholly•owned•subsidiary•of•the• Mortgage•Bankers•Association.•It•has•more• than•150•subscriber•organizations•including• mortgage•bankers,•lenders,•servicers,•vendors,• and•service•providers.•MISMO•has•devel- oped•an•XML•data•format•called•the•MISMO• Reference•Model•used•by•businesses•to•share• and•exchange•data•electronically•in•mortgage• transactions.•The•MISMO•Reference•Model•is• a•data•standard•developed•through•MISMO's• eMortgage•Technology•with•the•goal•of•having• lenders•increase•transparency•and•data•accura- cy•while•economizing•on•time•and•investment.• MISMO•advertises•that•its•data•standards•have• been•used•for•approximately•three-fourths•of• all•mortgage•loans•originated•to•date.•MISMO• version•3.3•was•developed•to•align•with•the• new•disclosure•regulations. CFPB's•eClosing•pilot•program•was•rolled• out•in•August•2014,•and•several•industry•orga- nizations•have•taken•part•in•the•three-month• program.•The•eClosing•program•is•a•technolo- gy-enabled•electronic•closing•solution•in•which• a•participant•contracts•with•a•technology•ven- dor•who•provides•an•eClosing•solution•to•use• for•loan•closings.•The•pilot•is•intended•to•al- leviate•hindrances•incurred•by•consumers•and• creditors•during•closings,•by•using•technology• to•make•the•closing•process•more•efficient•and• easier•to•understand.•Vendors•that•participated• in•the•pilot•program•included•DocMagic,•Inc.,• eLynx,•and•PiersonPatterson,•LLP.•Creditors• that•were•part•of•the•program•included•Blanco• National•Bank,•Boeing•Employees•Credit• Union,•Franklin•First•Financial,•Flagstar•Bank,• Mountain•America•Credit•Union,•Sierra•Pacific• Mortgage•and•Universal•American•Mortgage• Company.•The•CFPB•will•collect•research•on• the•pilot•and•publish•the•findings•to•allow• companies•to•determine•whether•they•are• interested•in•implantation•of•eClosings.• With•the•new•disclosure•regulations•going• into•effect•August•1,•2015,•the•industry•needs• to•start•preparing•for•continuous•transition•so• that•there•is•a•seamless•transition•to•con- sumers•this•August.••All•companies•in•the• mortgage•industry•have•the•first•half•of•2015• to•review•their•existing•technology•solutions• and•determine•what•new•solutions•they•can• adopt•effectively•and•financially.•There•are• many•opportunities•for•technology•with•the• new•regulations,•and•companies•should•take• advantage•of•them•to•increase•efficiency•and• competitiveness.• • Knowledge WHY LIA? The Largest Provider of E&O Insurance to AMCs in the U.S. SINCE 1977 POLICIES SPECIFICALLY DESIGNED FOR AMCS COMPETITIVELY PRICED COVERAGE NATIONWIDE COVERAGE WITH "A" RATED COMPANIES STATE AMC BONDS WITH NO ADDED FEES Contact Susan Lomeli Susan@liability.com Ph: (800) 334-0652 X 139 Fax: (805) 962-0652 www.liability.com CA License #0764257 Administrators & Insurance Services LIA_AMC_Print_Ad_Knowledge_2.2917x9.125.indd 1 2/11/15 7:18 PM Debbie HoffMan is the chief legal officer at Digital Risk, LLC, and the head of legal, North America, for Mphasis, an HP company (the parent company of Digital Risk). Debbie is responsible for overseeing legal and compliance matters and provides legal expertise and review in all aspects of the corporate legal environment. She is responsible for regulatory compliance, corporate contracts, employment matters, intellectual property, third-party litigation, and assessing related risks. Debbie manages a team of in-house attorneys, as well as directs outside legal counsel. eric rawlings is the Chief Technology Officer, Digital Risk. Rawlings maintains the responsi- bility for the delivery, support, integrity and security of all company and client information technol- ogy platforms, data and services. He also manages the internal security and data fulfillment groups that serve the company's operational units.