MORTGAGE INDUSTRY BLOG

Read all the latest information about our solutions, compliance updates and company culture

CFPB rescinds 7 pandemic-related policy statements

Posted by Compliance Team on 04/07/2021

The Consumer Financial Protection Bureau has announced that it is rescinding seven policy statements that were issued last year to assist financial institutions during the height of the pandemic. Issued between March 26 and June 3, 2020, the policy statements provided some flexibility in complying with certain regulatory filings and consumer finance laws.

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What is data validation and why is it so important?

Posted by Pauline Vu on 03/31/2021

The first step of a closing is for a massive amount of information—about the borrower, the property and the type of loan—to be entered into the lender’s loan origination system (LOS). Data validation is the process by which that information is audited and verified.

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The new URLA: The No. 1 thing to do ASAP to ensure you’re ready

Posted by Pauline Vu on 02/17/2021

The effective date requiring the new Uniform Residential Loan Application (URLA) is fast approaching—starting March 1, the updated form will be required in residential mortgage loan packages that lenders intend to sell to Fannie Mae or Freddie Mac.

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The current state of eClosings: A Q&A with DocMagic's compliance chief

Posted by Pauline Vu on 12/17/2020

The mortgage industry is undergoing unprecedented change, and lenders are weighing the move to eClosings—because in the current environment, it’s no longer a question of if, but when. Gavin Ales, DocMagic’s Chief Compliance Officer, shares his insights about the compliance issues these lenders are facing.

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CFPB’s 5-year TRID assessment produces mixed results

Posted by Pauline Vu on 10/15/2020

Earlier this month the Consumer Financial Protection Bureau (CFPB) released a five-year lookback assessment of the TRID rule—and its findings contain mixed results.

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The redesigned URLA will be required in a few months; are you ready?

Posted by Pauline Vu on 09/24/2020

(2/27/21 update: The new URLA: The No. 1 thing to do ASAP to ensure you're ready)

Starting March 1, 2021, all lenders who intend to sell closed residential mortgage loans to Fannie Mae or Freddie Mac will be required to use the new Uniform Residential Loan Application (URLA), the standard form that borrowers use to apply for a mortgage loan.

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FHFA, other agencies announce extension of COVID-related policies

Posted by Compliance Team on 09/16/2020

On Aug. 26, the Federal Housing Finance Agency (FHFA) announced an extension of its policies providing for Fannie Mae and Freddie Mac (the GSEs) to continue to purchase loans that entered a COVID-related forbearance prior to purchase. The GSEs’ policies were set to expire Aug. 31, but the announcement extends the policies to Sept. 30.

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Why lenders still need print fulfillment—even if they're going digital

Posted by Pauline Vu on 08/25/2020

It may seem like the need for print fulfillment services is counterintuitive to digitizing the mortgage process, but the two things aren’t mutually exclusive.

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[Webinar] Understanding URLA: The NEW Uniform Residential Loan Application

Posted by DocMagic on 03/26/2019

Free Webinar! Your guide to new forms, updates, and deadlines

Join this FREE webinar designed to help you understand the revised Uniform Residential Loan Application (“URLA”) or 1003 form. DocMagic's Chief Compliance Officer, Gavin T. Ales will explain the new forms, compliance updates and the deadlines you need to be aware of. 

Understanding URLA — The New Loan Application

Date: Thursday, April 11th, 2019
Time: 10:00 - 11:00 AM (PDT)

Register for our free webinar here!

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TRID Talks Video Series: Preparing for TRID 2.0 on October 1

Posted by DocMagic on 09/11/2018

Introduction to TRID 2.0

Throughout the month of September Chief Compliance Officer, Gavin Ales, will introduce some of the major changes coming with TRID 2.0 and provide clarification for each topic along with expert commentary on the new regulations, what has changed and what it means to be compliant.

Training and Education Manager, Ron Carillo, will show you how and where to get started testing TRID 2.0 implementation inside DocMagic.

Below, you’ll find the topics for current and upcoming episodes of TRID Talks.

Got questions about TRID 2.0? Contact us at trid@docmagic.com

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