Monday, April 14, 2014

IDS Compliance Updates

On April 10, 2014, IDS held its first webinar to all customers to review changes made to the IDS Settings related to Dodd-Frank changes from this past January. IDS Marketing recorded the webinar and will publish it in both video and print formats in the coming week.

IDS client-specific updates during the week of March 24-28, 2014:

1.    The Delaware Office of the State Banking Commissioner amended its regulations by clarifying, streamlining and updating the existing regulations for licensed lenders and mortgage loan brokers. These provisions are effective on April 11, 2014. 

Because of this change to DE regulation. For applications on/after April 11, 2014, IDS Compliance is removing the following forms from the DE initial disclosures set:
·         \State Docs\DE Licensed Lenders Regulations.rtf
·         \State Docs\DE Loan Broker Regulations.rtf
If the application date is missing, IDS Compliance is removing it if today's date is on/after April 11, 2014.

2.    IDS Compliance updated the \State Docs\TX Mortgage Banker Loan Origination Disclosure.rtf form. The reference to r Texas Fin. Code §157.007 was replaced with §157.0021

3.    IDS Compliance has reviewed Rhode Island Regulation 3 Section 5(A)(iv) and concluded that the RI Prohibited Acts of Lenders and Loan Brokers – High Cost Loans Form 2 HLPA should be provided to all applicants at the same time as the RI Prohibited Acts of Lenders and Loan Brokers Form 1 HLPA. IDS Compliance has adjusted it so that they now appear in packages together.

4.    IDS Compliance will receive a visit at headquarters from SOC 2 audit personnel this coming week, from April 1-17. 

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