PCLender.com releases 20-point compliance checklist to give real estate lenders first comprehensive view of regulatory requirements

by 15 Jan 2010

Mortgage Software-as-a-Service vendor combines three key elements to ensure loans
comply with rapidly changing regulations
Honolulu, Jan 14, 2010: PClender.com, Inc.® today announced the availability of its Compliance
Requirements Summarymatrix to assist the lending community with a comprehensive plan for managing
current and future regulatory changes with confidence.
The free document is available for download at http://www.pclender.com/white_paper_compliance.php, and
includes details on 20 compliance issues that have emerged as business fundamentals in the tumultuous past
eighteen months, including the new Good Faith Estimate (GFE), appraisal rules (HVCC), and the Mortgage
Disclosure Information Act (MDIA). For each of the 20 items, readers will find specific regulations, a clear
description of the related issue, lender requirements, and how PCLender.com helps loan origination software
customers remain compliant.
According to PCLender.com management, the objective of creating the matrix is to provide a holistic view on
compliance so lenders can ensure nothing slips by the operations team. Small violations that are systemic can
add up to big penalties in a hurry.
“Lenders can stay well-informed on the day-to-day developments of specific compliance issues through a
variety of different media,” said Lionel Urban, President and co-founder of PCLender.com, “but there is still a
real need to see it all covered in one place. Our Compliance matrix provides an exhaustive summary of current
compliance requirements, along with practical solutions for each.”
Among the other compliance issues on the checklist are the Equal Credit Opportunity Act (ECOA), the Fair
Credit Reporting Act (FCRA), the Fair and Accurate Credit Transactions Act (FACTA), Home Ownership and
Equal Protections Act (HOEPA), and various new state laws holding lenders responsible for the valid licenses of
Contact: Jack Trageser
Phone: (877) 536-6886 ext. 509
Email: jtrageser@pclender.com
originators and third-party brokers. In each case, the regulation is either entirely new, changed in some way that
requires adjustment on behalf of lenders, or being monitored and enforced with more thorough methods.
A good example of the layout of the Compliance Requirements Summary is the way it covers new and existing
disclosures. ‘Initial Application Disclosures,’ ‘Requirements to reissue Loan and Program Disclosures,’ and
‘Loan Closing Disclosures’ are listed separately. The grid shows that these issues involve the Truth-in-
Lending/Reg Z disclosure, MDIA, RESPA, ECOA, FCRA, HMDA, the Flood Disaster Protection Act, and the ESign
Act, then displays the requirements related to each of the topics. For instance, the specific requirement to
reissue the Good Faith, Truth-in-Lending, and program disclosures whenever the APR rises by more than .125
or the financed fees increase by more than $100. Finally, the document explains topic-by-topic exactly how
PCLender.com’s platform addresses all 20 compliance requirements now and in the future. Using the example
just given, PCLender.com systems include data checks and customizable rules that alert users when data
changes require re-disclosure.
“The compliance matrix was designed initially as a way to demonstrate to customers how we ensure the
compliance of their loans, and when it was complete we realized we had something all lenders would find
useful,” Urban said, referring to why the Compliance Requirements Summary is being made available to
anyone who is interested. “Whether lenders use our solutions or upgrade the technology they already have,
they need to understand the entire compliance landscape to avoid big problems down the road. This reference
table will help them do that.”
About PCLender.com
PCLender.com, Inc. is a provider of industry leading, enterprise-wide web-based mortgage lending solutions.
The company’s suite of SaaS-based applications, including its award-winning loan origination system, has
revolutionized how mortgage companies, banks, and credit unions manage the mortgage lifecycle and ensure
highly compliant closed loans. PCLender.com is dedicated to providing real estate lenders with exceptional
service, as well as a streamlined mortgage automation platform that maximizes efficiency and increases
profitability. For more information, visit www.pclender.com or call 877-536-6886, ext. 501.


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