More than 500 lenders responded to the 2014 survey, with 62.2 percent ranking the Qualified Mortgage (QM) rule as a high concern. Lenders also cited other
“Compared to last year’s survey, lenders appear more weary than ever of the CFPB’s rules, as non-
Ryan noted that survey respondents also cited vendor management as a growing concern. He indicated that his company has experienced a four-fold increase in the cost of simply processing compliance requests, adding: “There is a growing desire to consolidate the number of vendors. Being a provider who offers multiple compliance services in a single platform has definitely worked to our advantage.”
The survey also highlights RESPA Fee Tolerances (45 percent high concern), Fair Lending exams (40 percent high concern), CRA exam scrutiny (31.4 percent high concern), state consumer lending laws (25.7 percent high concern) and the NMLS Mortgage Call Reports (20.1 percent high concern) as this year’s additional compliance issues.
“The timeframe in between regulatory rule announcements and implementation dates simply doesn’t allow enough leeway for lenders to rework processes and implement new technologies in order to achieve compliance,” said Ryan. “Lenders will continue to seek counsel and integrate with venerable compliance providers, in efforts to prepare for audits and meet industry compliance standards.”
QuestSoft’s flagship software, Compliance EAGLE, provides lenders with automated compliance review tools to evaluate loan files for adherence to the full range of mortgage lending regulations, including QM, ATR, RESPA, HMDA, TILA, CRA, flood determination requirements, NMLS Call Reporting, federal, state, consumer and local lending laws.
About QuestSoft’s Survey
The QuestSoft customer satisfaction survey has been conducted using the same methodology after each year’s Home Mortgage Disclosure Act (HMDA) reporting deadline since 2007. The company sends an email survey through Survey Monkey to each person authorized to download the company’s HMDA RELIEF or CRA RELIEF software. In 2014, the HMDA deadline fell on