NMLS Mortgage Call Report (NMLS MCR) Training and Regulatory Updates for

Transcription

1 NMLS Mortgage Call Report Training and Regulatory Updates for Please stand by, the presentation will begin shortly. Your phones have been muted. If you re using the speakers on your PC you don t need to call in. The presentation is available for download at: QuestSoft.com/Verifyde-MCR Scheduled Webinar Start Time 11 AM Pacific, 12 PM Mountain, 1 PM Central, 2 PM Eastern NMLS Mortgage Call Report (NMLS MCR) Training and Regulatory Updates for Thank you for attending. The webinar has started. Webinar Housekeeping Asking Questions o Use the question box Downloading Materials o You can download the presentation at: o QuestSoft.com/Verifyde MCR Technical Difficulties o Go To Meeting Support Disclaimer 1

2 Agenda Introductions NMLS MCR Changes for 2015/2016 What is VERIFYDE? Calyx VERIFYDE NMLS MCR Live Training o Standard Broker/Banker Versions o Comparison to Single State Basic Broker Version Available Versions and Pricing Matrix Regulatory Key Word = Data Integrity Q&A Today s Presenters Leonard Ryan o President, QuestSoft Corporation o Member & Lending Industry Technical Expert, NMLS Mortgage Call Report Working Group Carey Aimone o Vice President, Training and Customer Support QuestSoft Corporation Emily Martinez o Training Specialist & Moderator of today s webinar Effective January 1, 2015 (reporting Deadline May 15, 2015) o Creation of a new definition of application o Recommended immediate use but required to use in 2016 o Reporting on the amount and count of closed and funded loans that qualify as Qualified Mortgages (QM) and non QMs o Adding of fields to capture nationwide and state specific servicing data o Adding of fields to capture changes in loan application amount. (optional reporting) Effective January 1, 2016 (reporting Deadline May 15, 2016) o New definition of application; REQUIRED USE See Next slide o Adding of fields to capture changes in loan application amount. (REQUIRED reporting) 2

3 Fields Added to Year 2015 reporting for Origination (implemented immediately) APPLICATION PIPELINE AC065 Net Changes in Application Amount (decreases should be reflected as negative) AC066 Total Application Pipeline APPLICATION PIPELINE RESULTS AC090 Total Application Pipeline Results CLOSED LOAAC410 AC410 Qualified Mortgage (QM) AC420 Non Qualified Mortgage AC490 Total QM and Non QMN DATA Fields Added to Year 2015 reporting for Servicing (implemented immediately) LOANS SERVICED NATIONWIDE TOTALS LS010 Wholly Owned Loans Serviced LS020 Loans Serviced Under MSRs LS030 Subservicing for Others LS040 Subservicing by Others LS090 Total Servicing Activity SERVICING TRANSFERS DURING THE QUARTER LS100 Loan Servicing Transferred In During the Period LS110 Loan Servicing Transferred Out During the Period LS190 Total Loans Transferred In and Out During the Period NATIONAL DELINQUENCY STATUS OF LOANS SERVICED AS OF END DATE (ALL LOANS) LS200 Less than 30 Days Delinquent (includes loans that are not delinquent) LS to 60 Days Delinquent LS to 90 Days Delinquent LS or more Days Delinquent LS290 Total Loans Serviced LOANS SERVICED Loans with Servicing Retained Loans with Servicing Released Total Serviced Loans Fields Added to Year 2015 reporting for Section III Financial Reporting (Not supported by VERIFYDE but by financial software) MODIFICATIONS S110 Loan Modifications completed (non HAMP) S115 Mortgage Loans Modified Under HAMP FORECLOSURE STATUS AS OF END DATE S460 Loans Paid Through Short Sale Servicing Activity S510 Wholly Owned Loans Serviced S520 Loans Serviced Under MSRs S530 Subservicing for Others S540 Subservicing by Others S590 Totals Loans Serviced Rate Type on Loans Serviced S600 Fixed S610 ARM S690 Total Rate Type Loan Type on Loans Serviced S700 Government (FHA/VA/RHS) S710 Prime Conforming S720 Prime Non Conforming S730 Other S790 Total Residential First Mortgages S800 Closed End Second Mortgages S810 Funded HELOCs S820 Reverse Mortgages S830 Commercial Mortgage Loans S840 Other S890 Total Other Mortgages S900 Total Mortgages Serviced Serviced Loans LTV Distribution S1000 Equals 60% or less S1010 Greater than 60% but less than or equal to 70% S1020 Greater than 70% but less than or equal to 80% S1030 Greater than 80% but less than or equal to 90% S1040 Greater than 90% but less than or equal to 100% S1050 Greater than 100% S1090 Total Mortgages Serviced 3

4 NMLS MCR Year 2016 Definition of Application Effective January 1, 2016 (reporting Deadline May 15, 2016) o An application is an oral or written request for an extension of credit encumbering a 1 4 family residential property. Exclude any commercial/business/investment purpose encumbrances from reporting. Include inquiries or Pre Qualification requests that result in denial of credit. The application date used is either (1.)The date on the initial 1003 with the borrower s signature; (2) The date of an oral request for extension of credit, with deference to the initial1003; (3) Inquiries and Pre Qualification requests, if declined, should use the denial date. Examples of requests that are considered an application for the NMLS MCR include, but are not limited to, purchase of owner occupied 1 4 family residential properties including 2nd homes and vacation homes; construction of 1 4 family residential properties (as described above) made directly to the consumer; non commercial liens on residential properties (Lines of Credit should be reported at maximum approved credit line); pre approvals on item #1 even if a residential property has not been identified; reverse mortgages regardless of purpose; refinance loans on all of the above; all requests for extensions of credit to purchase residential property that result in the issuance of an ECOA notice. NMLS MCR Year 2016 Definition of Application Effective January 1, 2016 (reporting Deadline May 15, 2016) o An application is an oral or written request for an extension of credit encumbering a 1 4 family residential property. Exclude any commercial/business/investment purpose encumbrances from reporting. Include inquiries or Pre Qualification requests that result in denial of credit. Current HMDA Not part of HMDA New CFPB HMDA The application date used is either (1.)The date on the initial 1003 with the borrower s signature; (2) The date of an oral request for extension of credit, with deference to the initial1003; (3) Inquiries and Pre Qualification requests, if declined, should use the denial date. Examples of requests that are considered an application for the NMLS MCR include, but are not limited to, purchase of owner occupied 1 4 family residential properties including 2nd homes and vacation homes; construction of 1 4 family residential properties (as described above) made directly to the consumer; non commercial liens on residential properties (Lines of Credit should be reported at maximum approved credit line); pre approvals on item #1 even if a residential property has not been identified; reverse mortgages regardless of purpose; refinance loans on all of the above; all requests for extensions of credit to purchase residential property that result in the issuance of an ECOA notice. What is VERIFYDE? Reason for Changes in Calyx Products Regarding Compliance Submissions o Compliance Submissions becoming increasingly complicated o NMLS and other state compliance not allowing adequate implementation times o Many times they are late to finalize regs yet keep the same launch dates o Many Regulations Start with Some Form of HMDA Data Alliance with QuestSoft o 263 Lenders have multi year experience with Point and QuestSoft o QuestSoft is recognized as the industry leader in HMDA and the only company with simultaneous processing of the NMLS MCR o QuestSoft received the 2014 Mortgage Technology Lender s Choice Award and over 20 awards over the past two years. VERIFYDE o Exclusive for Calyx Customers o Supported by Calyx with QuestSoft available for any questions as needed. 4

5 LIVE TRAINING Available Versions and Pricing Matrix REGULATORY KEY WORD = DATA INTEGRITY Behind New CFPB TILA/RESPA Changes Motivation in New Proposed HMDA Instant Fair Lending in Future NMLS MCR Started as Tool Today is Like a Bank Reconciliation 5

6 COMPLIMENTARY PRODUCTS TO KEEP YOUR DATA ACCURATE in POINT QUESTIONS & ANSWERS If you have a question, please submit it using the questions tab on the GoToWebinar tool bar. FOR MORE INFORMATION Calyx Sales Department Calyx Software Maple Avenue -- Suite 500 sales@calyxsoftware.com Dallas, TX Calyx Technical Support support@calyxsoftware.com Calyx will be reviewing the questions received during this webinar and working with our presenters to create a Q&A document for all attendees. We expect to be able to deliver that to you within the next 10 business days. This concludes the webinar presentation. Thank you for attending! You can download this presentation at: QuestSoft.com/Verifyde-MCR 6