enterprise content management

Small Lenders and Servicers Should Be Concerned About CFPB Too

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New rules like the “Ability to Repay” rule, promoted by the Consumer Finance Protection Bureau (CFPB), is written to deter what the government considers “risky features”. Risky features such as loans allowing for interest-only payments or negative amortization. In general the new standards do not allow for points or fees charged to a borrower to add up to more than 3% of the loan amount either. These are only a few examples too.

With all of these new rules and the expense of implementation and tracking, small lenders can be overwhelmed by the costs and extra work involved in maintaining compliance. It is because of the overwhelming need that we offer our solution.

Donnell Systems, Inc. provides OCIE®, their Enterprise Content Management Solution , for collecting, archiving and delivering all digital interactions between borrowers, lenders and vendors. OCIE has a unique set of enterprise-caliber tools for content management, process automation and delivery that make it suitable for protecting your organization and satisfying compliance demands.

Small lenders and servicers can now afford to protect themselves when they cannot afford to neglect regulators or their customers. Donnell makes it affordable with OCIE ECM Solutions.

Note: If you are a lender, we suggest that you audit your affairs for Reg Z and General CFPB compliance. This in the long run is a lot less expensive than defending allegations brought by the CFPB and paying both penalties and attorneys.

Building a Pro-Active Consumer Protection Strategy for Mortgage Servicing

By | OCIE ECM | No Comments

Mortgage servicing and real estate markets are recovering gradually and pressures are mounting for executives to place consumers and their interests’ front and center in mortgage transactions.

Previous regulations weren’t satisfactory. Traditionally, regulators based approval on mortgage originators’ credit decisions compared against the government housing agencies’ underwriting guidelines. This approval sought to ensure the safety and soundness of the banking system.

While this traditional approval is still in effect, consumer protection has been added to the mix. Consumer Finance Protection Bureau (CFPB) states that lenders must pay more attention to ensuring high levels of customer satisfaction without compromising consumer protection.

The CFPB has made it clear that they will hold lenders responsible for the actions of their employees, contractors and vendors, with substantial fines for violations. Avoiding such fines requires a deep understanding of the new rules and having a good system in place to track all correspondence, documentation and transactions between borrowers, lenders and vendors.

OCIE® is an Enterprise Content Management solution that not only archives those correspondences, documents and transactions but also helps automate workflow and make processes smooth, efficient and compliant. OCIE has a unique set of enterprise-caliber tools for content management, process automation and delivery that make it suitable for consumer protection. Or should we say business protection as well?

Not only should businesses be focused on consumer protection to satisfy new regulations, they should also focus on protecting themselves as well. Having the right system in place to track all interaction between the borrower, lender and vendor is essential in today’s mortgage servicing industry. With that in mind, is your organization ready?

Is Your I.T. Staff Overwhelmed with Projects and Can’t Get to Yours?

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Starting the year off with a little fun and whimsy to get your attention. Check out OCIE if your IT department hasn’t been able to help you with your data projects. We help empower the user community to do things easier and faster themselves. Let us show you how.

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Whether you need help with regulatory compliance or want to boost employee productivity, OCIE by Donnell Systems, Inc. is the best choice in content management solutions.

Click here to contact Donnell Systems, Inc. to setup a free consultation with our content management specialists.

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