Join us on LinkedIn Follow us on Twitter Like us on Facebook
 
  OCTOBER RESEARCH STORE Already a subscriber? LOG IN
AddControlToContainer_DynamicNavigation6

ComplianceEase offers free pre-exam testing portal

Add This Email A Friend Printer Friendly Version Increase Text Size Decrease Text Size
0 comments
Industry Spotlight
Monday, October 28, 2019

Offering a new method to aide residential mortgage lenders in preparing for electronic examinations (e-Exams), ComplianceEase announced that it will offer a complementary Pre-Exam Portal “sandbox” beginning in January, in cooperation with the Multistate Mortgage Committee (MMC).

ComplianceEase referred to the Pre-Exam Portal as a “public service available to any lender” in a press release. It affords lenders the opportunity to test the accuracy of data they are submitting to regulators and previewing audit results.

“The Pre-Exam Portal is an important first step in the process of getting lenders comfortable with e-Exams, and we’re pleased to be able to offer it as a public service to the industry,” ComplianceEase Executive Chairman John Vong said in the release. “This is the first of a series of initiatives that we will be announcing to further improve lenders’ confidence and experience during the e-Exam process.”

Upon enrollment in the portal, lenders can submit as many as 100 Lending Examination Format (LEF) files for validation. The portal tests the files for proper formatting and evaluates them against federal, state and local consumer protection compliance requirements.

The Pre-Exam Portal provides lenders with complete ComplianceAnalyzer audit reports, similar to those the examiner in charge (EIC) receives after conducting an exam.

By receiving the same EIC reports as examiners, lenders can identify data integrity, mapping and translation issues and correct them before an examiner does. They also can view compliance findings before submitting the LEF files for the “live” e-Exam through RegulatorConnect, the regulators’ e-Exam platform.

The preparation process offered by the portal is designed to provide lenders transparency as they are being examined and to enable them to verify that their LEF files accurately represent the loan data held in their system of record. Neither the LEF data submitted to the Pre-Exam Portal, nor the resulting Pre-Exam audit reports, are accessible to regulators.

ComplianceEase’s portal release came shortly after the Conference of State Bank Supervisors (CSBS) and American Association of Residential Mortgage Regulators (AARMR) jointly called for the industry to integrate state-development standards with mortgage loan origination systems (LOS) to accelerate the e-Exam process in October. At that time, Jeremy Windham, vice chair of Multistate Mortgage Committee at CSBS and AARMR, said, “Developing processes for clean data transfers will streamline the e-Exam process mandated by the MMC, benefitting industry and regulators alike,” the release notes.

Today's other top stories
Flexibility and collaboration: Moving on from the pandemic
Evergreen Home Loans shifts all loan servicing in-house
Fannie Mae awarded ENERGY STAR award
OCC designates four senior national bank examiners
FFIEC State Liaison Committee gains new member


COMMENT BOX DISCLAIMER:
October Research is not responsible for the comments posted on its websites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.
Comments:

Be the first to leave a comment.

Leave your comment
CAPTCHA Validation
CAPTCHA
Code:
: 
: 
Your Email is for reporting purposes only. It will NOT be displayed.
Popularity:
This article has been viewed 588 times.

Monthly Newsletter

Dodd Frank Update April 2021

Cover Story:

A 10-year review of Dodd-Frank


Tweets from @DoddFrankUpdate/lists/industry-news
News by Topic   News by Edition   News by Agency   News by Industry   Special Reports   Webinars
Banking
Case Law
Consumer Protection
Financial Stability
Industry Spotlight
Legislation
Nonbank Financial
The TRID Journey
 
Dodd Frank Update January 2021
Dodd Frank Update February 2021
Dodd Frank Update March 2021
Dodd Frank Update April 2021
Archives
 
CFPB NCUA
CFTC OCC
FDIC OFR
FHFA SEC
FRB States
FSOC Treasury
FTC  
 
Appraisal
Broker-Dealer
Community Banks & Credit Unions
Investment Adviser
Land Title
Mortgage
Mining and Manufacturing
Payday Lending
 
Fintech Vendor Management
State of the Industry
Mortgage Technoloy
New Rules of Compliance
CFPB Anniversary
Archives
 
Getting to Know Your Regulators
RESPA Section 9
Economic Forecast - Q1
Streamlining the HMDA Process
Archives

Library   About   Subscribe   Store
The Dodd-Frank Act Position Papers
Dodd-Frank Summary & History Legislation
Court Actions Regulations
Enforcement Documents Reports, Studies and Surveys
Guidance Documents Federal Register Notices
White Papers  
 
Dodd Frank Update
Contact / Editors
Advertise
Social Media
Are You An Expert?
Subscriber Agreement
 
Subscriptions
Free Email Updates
Try a Free Edition
 
NS3 The Summit
Other Newsletters
The Title Report
The Legal Description
Valuation Review
RESPA News
Copyright © 2011-2021 Dodd Frank Update
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.doddfrankupdate.com | Privacy Policy
VISIT OUR OTHER WEBSITES
> The Legal Description
> RESPA News
> The Title Report
> Valuation Review
> The October Store


Loading... Loading...
Featuring:
  • Delivery 3X a week plus breaking news as it happens
  • Comprehensive title insurance industry news
  • Recent acquisitions, mergers, real estate stats
  • Exclusive in-depth coverage of the industry's hottest stories
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Comprehensive Dodd-Frank coverage
  • The latest information from the CFPB
  • Full coverage of Congressional hearings
  • Updates on all agency actions
  • Analysis of controversial provisions
  • Release of newest studies and reports
Sign up today and...
  • Be one of the first to know where NS3 is being held
  • Learn about NS3 speakers and sessions
  • Save on registration with Super-Early Bird rates
  • Discover the networking opportunities NS3 offers
  • Find out if CE credits will be offered for your area
  • And much more
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Preview the latest RESPAnews.com Top Story
  • RESPA related headline news
  • Quote of the Week
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Legal, regulatory and legislative information impacting the settlement services industry
  • News from HUD, Congress, state legislatures and other regulatory agencies
  • Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • The industry's only full-time newsroom
  • Relevant, up-to-date appraisal industry news
  • Covering the hottest stories and industry trends
NEWS BY TOPIC
EDITION
AGENCY
INDUSTRY
SPECIAL REPORTS
WEBINARS
LIBRARY
EMAIL UPDATES
ABOUT
SUBSCRIBE
Banking
Case Law
Consumer Protection
Financial Stability
Industry Spotlight
Legislation
Nonbank Financial
The TRID Journey
CFPB
CFTC
FDIC
FHFA
FRB
FSOC
NCUA
OCC
OFR
SEC
States
Treasury
Appraisal
Broker-Dealer
Community Banks & Credit Unions
Investment Adviser
Land Title
Mortgage
Mining and Manufacturing
Payday Lending
Fintech Vendor Management
2021 State of the Industry
2020 Mortgage Technology
New Rules of Compliance
2020 CFPB Anniversary report
Archives
Economic Forecast Series - Q1
RESPA Section 9
Getting to Know Your Regulators
Streamlining the HMDA process
Webinar Archives
The Dodd-Frank Act
Dodd-Frank Summary
Court Actions
Enforcement Documents
Guidance Documents
White Papers
Position Papers
Legislation
Regulations
Reports, Studies and Surveys
Federal Register Notices
Proposals
Final Rules
GAO
Agency
Contact Us
Advertise
Social Media
Are You An Expert?
Subscriber Agreement