Updates and Downloads
Free Mortgage Quality Control and Mortgage Policy and Procedure Updates You have a choice for updates. 1.) Use the free update notifications, download them and insert into the products yourself. or 2.) Purchase access to the Managed Templates which offer REAL TIME Updates and Document Management - this allows you to access the current template the modules you own (including soft forms).
These updates may be downloaded in the member area, unless otherwise noted
2/8/2018 - Compliance - Updated HMDA Reporting Process - Based on CFPB changes, expanded data collection and interpretations.
11/27/2017 - Compliance, Origination, Underwriting - Updated Pre-Qualification Policy and Procedure. This policy clarifies what a pre-qualification is, and under what circumstances you must report a denial.
QC Plan: New - Fraud Determination and Reporting Procedures; QC Plan New - Risk Assessment for Mortgage Businesses - Read Article Here
Update - New York State Cyber-Security Plan Requirements
NYS Division of Banking requires compliance by 8/27/17 - click to read the article here
Update - Privacy, OFAC and Business Plan
A number of inquiries from regulators has prompted some clarifications.
Advertising Checklist Updated
By Request Only - California Servicing Loss Mitigation - Homeowner's Bill of Rights (HBOR) - Lender licensees, even if they don't service, must have this policy in place.
AML Audits are due in August
TRID Checklist Updates
Internal Training Programs
Reverse Mortgage Disclosure
Fair Lending Pricing Concession Procedure
MERS QA Plan
add to Servicing Manual, QC Plan or to Secondary Marketing.
Lender/Investor Quality Control Plan
Delete 4060 references and Add 4000.1 References - Clarification of Pre-Closing/In-Process QC Reviews
Compliance Module - Complete update and re-organization to reflect TRID and prepare for Compliance Manager Integration.
Broker QC Plan
We have provided a guide for the location of frequently requested Pre-Funding Quality Control Requirements:
Employee Training Policy
The events surrounding the CSBS and NMLS New Day Financial episode have led us to issue a policy intended for insertion into your compliance manual. (Story here) This is not a comprehensive training policy, but highlights all of the elements that should be contained within your own training program. Our policy highlights the fact that, within originator policies and procedures, there is a comprehensive SAFE Act Training policy. Within Compliance, there are various Federal Compliance Training Requirements. Within the Quality Control Plan, there is training on Fraud and Anti-Money-Laundering.
TIL RESPA Integrated Disclosures - Combines two disclosures into one, resulting in a requirement that addresses the most stringent of the two rules, regardless of iteration. Most specifically timing requirements are extended substantially for pre-closing requirements. Post-closing audit timelines also mandate discovery within 30 days and cures within 60 days.
The requirement for an operating audit indicates that you must be able to verify that your employees conduct business in a way that aligns with your operating policies and procedures. Our operating audit template should be added to the QC plan.
BSA/AML Self-Audit Checklist for Mortgage Brokers and Lenders. Use this checklist to make sure you have properly implement your AML components. Also, read the article on Mortgage News Digest for additional insights.
Compliance Module Update - request update (ensure you have used the e-mail used to purchase the product for ownership verification)
Updated Production Process Master Quality Control Checklist
Social Media Policy - This provides a framework for the development of your own social media policy. Customers may download the SOCIAL MEDIA POLICY.
Compliance, Processing, Underwriting
HPML Appraisal Policy - This updates the policy to reflect the CFPB's appraisal policy rule. The reality is that we already perform most of these requirements if we are selling loans into the secondary market. Click here for FREE HPML APPRAISAL POLICY.
Fair Lending Disparate Impact Analysis Update
Many consultants provide extensive (and expensive) Fair Lending Regression Analysis services. This is worthwhile, because it reveals the only potential methodology for proactively identifying potential disparate impacts.
This policy should be implemented by Compliance and/or Quality Control Personnel and inserted into your company's compliance policies and procedures under Fair Lending.
Compliance, Origination, Quality Control
Sample Ability to Repay Policy - Remembering that the entire Mortgage Banker Package is just one huge "Ability to Repay" policy and procedures, this update is designed to memorialize certain specifics of the rule, and where certain elements are housed and verified within the production and post-closing quality control plan. For compliance subscription customers who downloaded the 10/23/13 update, please re-download the corrected version. Here is a sample Ability to Repay POLICY: - See more at: http://www.mortgagenewsdigest.com/2013/09/sample-ability-to-repay-policy.html#sthash.dEKBNDpV.dpuf
FNMA Updates - FNMA updated its Sellers Guide and the guide changes are summarized in Announcement SEL-2013-05. We have summarized these changes in the Mortgage News Digest (here) and have posted an update for Mortgage Manuals Customers to input into their own procedures (click here to download Quality Control Plan Update). You may review a matrix of the changes, and how they are addressed in the product. BROKER QC PLAN customers do NOT have to implement these changes. LENDERS: You MUST establish YOUR OWN target percentages based on your actual quality control experiences.
Origination, Processing, Underwriting, Closing, Quality Control
E-SIGN Policies and Procedures The Electronic Signatures in Global and National Commerce Act (E-SIGN) was implemented in 2001. Due primarily to the risks and difficulties in affirming electronic signatures for security instrument purposes, as well as the legacy of paper processing, the and consumer privacy concerns “wet”, or live, signatures continue to have prevalent use. Since the IRS' acceptance of E-Signatures for 4506 T Transcripts there has been rapid growth in this area This policy is intended to allow you to meet E-SIGN requirements as well as UETA. If you would like to participate in a discussion of best practices on this matter, please visit www.mortgagenewsdigest.com.
Operations, Underwriting, Compliance
Vendor Management Process Update - We have completed our update of our vendor management process template. This update addresses all vendor management areas, but applies to specific areas like underwriting and qc (appraisers) and closing/post-closing (title companies) on top of the generic requirements for all providers including SaaS. To cover this overlap we have combined the vendor application and annual review form into one comprehensive document for all providers (except brokers/correspondents for wholesalers)
CFPB Updates - Added audit schedule and compliance manager duties in preparation for CFPB examination. Added HPML requirements for appraisal, APOR. Amended various regulations based on CFPB updates. Request Complimentary Complete Update if you are a product owner
Quality Control Plan
Add FHA Required Language - Specific references to 4070.1 required by an individual auditor added for everyones benefit. New Corrected MIC procedure for certain HOC's.
Broker QC Plan
QC Plan Audit Level Clarification - When you are a broker, you don't re-undewrite the file or the closing documents, since that is not in the scope of your duties.
Reporting to Law Enforcement - when there is a clear indication of fraud, direction for reporting to law enforcement
CFPB Elements Audit Compliance Matrix - If you are notified of an examination, you can provide the reviewer with this reference tool indicating where each element is housed. (Note these elements are included in our packages, but not if you only have a compliance or quality control plan) Also - the CFPB notes that a business plan is an important element - we provide a free one here
AML/SAR reporting for mortgage lenders - Add this to your Quality Control Plan - Add the checklist updates to all modules, but particularly Origination, Processing, Underwriting and Closing. Includes Checklist items for AML, OFAC, SAR. Please contact us if you need an Updated MORTGAGE SPECIFIC AML Training Program.
Sample Single Point of Contact Policy for Defaulting Borrowers - required by federal servicing rules and the 2012 mortgage servicing settlement.
Processing, Underwriting, Closing
Add UDAP Report to Pre- Checklists to insure Appraisal Data was transmitted
Complaint Resolution Policy - Include CFPB checking and tracking instruction in existing complaint policy
Wholesale, Operations, Underwriting, Quality Control
Include FHLMC exclusionary list and FNMA EPLS check for vendors, employees, customers. "All staff, whether production or origination, is screened against industry disbarred participants lists, including FNMA EPLS and FHLMC’s exclusionary list, and others as they are revealed.
Origination, Processing, Underwriting, Operations, Closing
Appraiser Independence Rules Update - Replaces HVCC Language with Dodd-Frank Mandated
Upgrades broker approval process to include MARI, Excluded Participants, Federal Agency Background and Compliance
QC Plan Update
Complete Update to provide more complete Pre-Funding Guidance, SSN Verification Process, Occupancy Re-verification. Also separates Compliance Module to allow Document Management to attach to all relevant modules - version control. Complete Update - download from document management site for new template.
Compliance, Origination, HR
Dodd/Frank Compensation (Originator Rule) Policy Details - Anti Steering
Compliance, Processing, Closing
Federal Compliance Section Update (MDIA, RESPA, CFPB)
Pre-Funding Checklist Updated to check for MDIA compliance and LQI Compliance
Citimortgage, Comergence Clients
CitiMortgage Compliance Module Memo - Also, Submit the ENTIRE Compliance Module, not just the QC Plan Sections.
Dodd/Frank Originator Compensation - Misc.
Origination, Processing, Underwriting, Closing, Compliance
RESPA 2010 GFE Application Update
MDIA, HPML and Advertising Policy Update - Subsequently Updated
New York Fair Lending New York Auditor - Fair Lending Response
Origination, Processing, Underwriting, Closing, Operations, Compliance, Wholesale
Valuation Process Update (HVCC) HVCC Update (Replace with Appraiser Independence Rule, Codified into law as part of Truth-in-Lending Regulation Z)