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The CFPB is calling the two new mortgage forms "Know Before You Owe," an apt description since a hodge-podge of federal mortgage disclosures that the new forms will replace have long been considered duplicative and confusing.
November 20 -
The government-sponsored enterprise is keeping a running list of appraisers that it views as shady and is warning banks and mortgage lenders to be careful about doing business with them.
January 27
The Consumer Financial Protection Bureau's
Among other things, examiners are charged with making sure the lender being audited is providing all required disclosures to the borrower at or before closing, including Truth-in-Lending disclosures, private mortgage insurance cancellation notices and privacy and opt-out notices. Examiners have to review a sampling of loan files to assess the bank's closing procedures.
New software from Medallion Analytics aims to help lenders get in front of this process. It looks for errors such as missing documents, poorly scanned documents and missing signatures. It compares data points in a loan document against a database to make sure the numbers match up.
The Medallion Vendor Scorecard software also can pool the individual loan documentation performance data to compare third-party servicers, so that a lender can see who is making the most mistakes. The software is meant to help banks become aware of any problems in their closing or post-closing process, whether it's internal or external.
