Posted To: Pipeline Press
“They” say plenty of things about time flying as you grow older. (“Life is like a toilet paper role – the closer you get to the end the faster it goes” comes to mind.) HMDA changes are a couple years out – so why are companies worried about them now? Because time flies. In my discussions with compliance & QC folks around the nation, the HMDA concern revolves not around borrower issues – most of the data is already being collected by lenders – but around the statistical testing, increased regulatory concerns, the increase in potential extreme penalties, and the increase in FTEs required in auditing every file. See an explanation below. The residential lending biz was thrown a bone yesterday when the CFPB issued a letter in response to the industry...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/1O0coqB
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