Ohio Mortgage Bankers
Association Non-Bank Call to Action
The Mortgage Action Alliance (MAA) strongly encourages Independent Mortgage Banks and other non-depository lenders to take action NOW to urge a postponement of proposed changes to the Nationwide Mortgage Licensing System and Registry (NMLS) Mortgage Call Report (MCR).NMLS has issued a proposal for comment that would make significant changes to the MCR. Currently, state licensed mortgage lenders file quarterly and annual reports with the states that include mortgage loan activity data, servicing data, and corporate financial reports. These submissions are based predominantly on existing Home Mortgage Disclosure Act (HMDA) data and the quarterly Mortgage Banker Financial Reporting Form. The recent Conference of State Bank Supervisors (CSBS) proposal would expand the current data collected to create a new definition of “application;” require reporting on the amount and count of closed loans that qualify as Qualified Mortgages; require additional nationwide and state-specific servicing reporting; and require additional fields to capture changes in loan amount between application and closing. Comments are due October 30th, and final changes are expected in November. The new reporting requirements would then be implemented as soon as the beginning of January, with a first reporting deadline of May 15, 2015.MBA has strongly urged CSBS to delay changes to the MCR so that the MCR may be simplified by aligning its data elements with those required by HMDA reporting. This is especially timely given that HMDA is currently the subject of a robust CFPB proposed rulemaking, and the end results of this federal regulatory overhaul are far from known. Moreover, proposed MCR changes come at a time when lenders are already operating at capacity to make the major systems and operational changes to meet the CFPB’s deadline to implement the integrated RESPA-TILA disclosures that must be operational by August 2015.
All MAA members are encouraged to take action NOW to call for a delay in any changes to the MCR and to also align the data reporting fields to the greatest extent possible with those required in the forthcoming HMDA revision. Additionally, all state and local mortgage banking associations are encouraged to file their own letters with their state regulators and CSBS, and to forward this important message to their members for action now.
Please click HERE to go to the MAA homepage and click on the “Take Action” button to get started. If you don’t have, or have forgotten your username and password, click on “forgot password” to retrieve it. Please contact Annie Gawkowski at 202-557-2816 if you need assistance.
TO VIEW THE PROPOSED CHANGES. CLICK ON “proposed changes” in the first paragraph of this posting.
November 18, 2014
10:30 a.m. – 5:30 p.m.
Dever Associates Training Room
140 E. Town Street, 1st Floor, Columbus, OH 43215
- Learn how a bill becomes a law
- Hear about legislation that affects the way you do business
- Learn how to effectively discuss legislation with your member of the Legislature
- Meet your member of the Legislature
- Attend our Legislator Reception
Lunch included, free of charge
Get involved. Please join us for this FREE event. You can be part of shaping the future of your industry!
OHIO HOUSE REPRESENTATIVE RICHARD ADAMS RECEIVES OMBA “LEGISLATOR OF THE YEAR” AWARD
On September 9, 2014, OMBA awarded Ohio House Representative, Richard Adams, the “Legislator of the Year” award. Representative Adams is Chairman of the Committee on Financial Institutions, Housing and Urban Development. The award is presented to a member of the Ohio Legislature that has gone above and beyond in the effort make sure that legislation is well thought out and workable for all concerned. “Chairman Adams has been a shining example of a hard working, honest and compassionate member of the legislature. The residents of Ohio District 80, and the entire state of Ohio, are extremely fortunate to have Richard Adams in the Ohio Legislature. We are thrilled to present the Chairman with this award”, said OMBA President Susan Stevenson. OMBA Executive Director and COO, Marianne Collins, said “Chairman Adams’ door is always open. He has an incredible grasp of what is best for the consumer and the industry alike. This is the first year that OMBA has presented this award to a Legislator, and I can’t think of anyone more deserving of this honor than Chairman Adams.”
OMBA HOLDS SUCCESSFUL GOLF TOURNAMENT AND DINNER TO BENEFIT OMBPAC
On September 8, 2014, OMBA hosted a golf tournament and dinner to benefit OMBPAC, at the Lakes Golf and Country Club in Westerville. The event was an overwhelming success. Winners of the tournament were Mike Mulgrew, Brent Hinz, Shawn Murphy and Craig Howells with a score of 57.
Pictured: Susan Cook (5th3rd Bank), Susan Stevenson (Union Home Mortgage Corp. & OMBA President), and Kim Dybvad (Prime Lending & OMBA Board)
COMPLIANCE ESSENTIALS NOW AVAILABLE
Get Ready to Comply! MBA Compliance Essentials provides a clear picture of what your company needs to do to comply with new and existing mortgage rules. Our in-depth resource guides include model policies and procedures, and are meant to support your company’s creation of a robust Compliance Management System (CMS). Learn more…
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