Mortgage service providers are helping home lenders with quality control and complying with the Home Mortgage Disclosure Act and the TILA-RESPA Integrated disclosures. One product is targeting California per-diem restrictions, while another addresses New York’s new security requirements.
The latest release of Fair Lending Magic helps lenders with HMDA reported, a Feb. 26 news release from ComplianceTech said. The update reportedly includes an extensive data validation and verification module for the new 2018 HMDA data fields.
ComplianceTech noted the ability to filter and analyze data with the expanded race and ethnicity filters required in the new HMDA filing data format. In addition, data can now be imported, validated and prepared according to the 2017 and 2018 HMDA submission requirements.
Source: Mortgage Daily