Thursday, August 30, 2012
Compliance webinars enjoying good attendance
To combat feelings of helplessness, many industry participants are turning to webinars in the hope of getting the very latest compliance information. According to executives at Mortgage Cadence, a provider of Enterprise Lending Solutions (ELS), Document Services, Compliance and Default Servicing Technology for the financial services industry, a webinar it recently hosted attracted 275 participants.
The program's topic was the Consumer Financial Protection Bureau’s proposed, sweeping changes to mortgage disclosures.
“Lenders have to stay informed on today’s constantly and broadly changing regulations,” said CEO of Mortgage Cadence, Mike Detwiler. “We take our commitment to educating our customer and ensuring their compliance very seriously."
The CFPB proposes to replace the Truth in Lending Disclosure and The Good Faith Estimate with the Loan Estimate Disclosure. Additionally, the Bureau plans to combine the final Truth in Lending and the HUD-1 Settlement Statement into a new Closing Disclosure.
“These proposals, borne of Dodd-Frank in an effort to help consumers better understand the debt that finances their home, are the most significant changes that the mortgage lending industry has faced in decades,” said Chief Legal Officer at Mortgage Cadence, John Levonick.
Levonick hosted the session and was joined by Richard Andreano, a partner at Ballard Spahr and noted RESPA expert. The recorded version of the seminar is available online.
Mortgage Cadence will host another webinar on this subject as the proposed regulations unfold. “Our team of mortgage, technology and compliance experts is the best in the industry,” said Detwiler. “Their expertise is focused on helping our customers address these changes in the simplest, most straightforward and compliant manner."