<img src="https://ws.zoominfo.com/pixel/pIUYSip8PKsGpxhxzC1V" width="1" height="1" style="display: none;">

Regulatory Brief for May 2022

Every month, Ncontracts compliance experts provide an overview and analysis of the latest regulatory updates to help you keep up with the rapidly evolving nature of the industry. In this episode, Stephanie Lyon, VP of Compliance, is joined by experts Robert Brosh and Nicole Upshur to discuss regulatory changes that took place in the month of May 2022, and what these changes mean for your financial institution.

Hey there! I just had the most enlightening chat with Robert Brosh and Nicole Upshur, and let me tell you, they dropped some seriously mind-blowing insights that you've gotta hear! 

We kicked things off with a deep dive into the wild world of crypto mortgages – yeah, you heard that right, crypto and mortgages in the same breath! They spilled the beans on how this crazy combo is reshaping the mortgage game, and trust me, it's a game-changer.

But wait, there's more! We switched gears and dove into the whole remote work scene in the mortgage industry. Imagine working from your dream vacation spot and still slaying your job – they spill the secrets on how that's becoming a reality.

Oh, but the real nuggets came when we dug into the latest regulatory twists. Get this, Fannie and Freddie Mac are making lenders use these mandatory forms during loan applications. It's all about understanding borrower needs, especially when it comes to language preferences and education. And can you believe they even exposed some jaw-dropping credit reporting violations? It's wild!

And hold onto your seat, because we unleashed the scoop on an enforcement action against Bank of America – a hefty $10 million penalty due to some shady practices. But don't worry, we're not stopping there. We zoomed in on the CRA modernization proposal – that's a whole new level in the Community Reinvestment Act world. But don't worry, they break it down so it's easy to wrap your head around.

Then it's all about tech and caution, as we dive into distributed ledger technology and why credit unions need to tread carefully with digital assets. And buckle up for the spotlight on mortgage companies facing data breach lawsuits. It's like a wake-up call for the importance of cybersecurity and keeping tabs on third-party partners.

Oh, and did I mention the epic team-up between the FDIC and CFPB? They're joining forces to tackle deceptive practices and agency name misuse – it's like the regulators are assembling the ultimate squad!

Seriously, you've gotta catch this episode – it's a treasure trove of eye-opening updates and insider knowledge. So, don't miss out on the goodness Robert and Nicole shared – go give "The Ncast" monthly regulatory brief a listen now!

In this episode, you will learn

  1. Introducing Robert Brosh and Nicole Upshur.
    Introducing Robert Brosh and Nicole Upshur.
  2. What are they telling us about?
    What are they telling us about?
  3. Flood Insurance and garnishment.
    Flood Insurance and garnishment.
  4. Fixing the garnishment process.
    Fixing the garnishment process.
  5. How to qualify as a minority depository institution.
    How to qualify as a minority depository institution.
  6. Non-bank mortgage loan servicers face major litigation due to data breach.
    Non-bank mortgage loan servicers face major litigation due to data breach.
Stephanie Lyon
VP of Compliance, Ncontracts
Nicole Upshur
Regulatory Compliance Council, Ncontracts
Robert Brosh Photo
Robert Brosh
Manager, Compliance Council, Ncontracts

Subscribe to the Nsight Blog