BURLINGAME, Calif.–– ComplianceEase, a provider of automated compliance solutions, announced it is revamping its RegulatorConnect Certification Program, called RC Certify, to help technology providers and lenders prepare for the more data-intensive mortgage examinations that have emerged over the past few years and are expected to soon include TILA-RESPA Integrated Disclosure (TRID) reviews.
Introduced in 2010, the RC Certify Program helps mortgage technology companies provide Lending Examination Format (LEF) files to their lender customers. For the past six years, federal and state regulators have required lenders to submit files in LEF format, using the RegulatorConnect Portal, the company said.
Recently, the Multi-State Mortgage Committee (MMC) of the Conference of State Bank Supervisors (CSBS) noted in an industry bulletin that “despite years of preparation and anticipated compliance, the mortgage industry has regularly failed to provide clean data in a format acceptable to the regulators’ technology platform.”
In response to these concerns, ComplianceEase, which developed the LEF format and the RegulatorConnect Portal, said it is redesigning the RC Certify Program to create an easier, more standardized path for technology providers to update their systems to export loans in the latest LEF format.
The new process will help industry software developers at each step in the design, development, integration, and testing of LEF file exports, the company said. With dedicated personnel working on the export, ComplianceEase estimates that technology providers will be able to complete the certification process in two months or less.