Multi-state Mortgage Committee Issues Guidance On Expectations Regarding Use of Electronic Examinations Tools
The Multi-state Mortgage Committee (“MMC”) issued an Industry Bulletin relating to the use of electronic examinations tools. The MMC is a committee of state mortgage regulators appointed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators to coordinate examination and supervision of lenders and brokers operating in multiple states.
The Bulletin notes that, in conducting examinations, the MMC relies on certain technology and expects mortgage lenders and brokers who are subject to examination to provide data that is compatible with the MMC’s technology. The MMC considers lenders and brokers who fail to provide accurate and properly formatted data to be non-compliant with records production requirements and has recommended that state regulators take enforcement actions against lenders and brokers who fail to provide acceptable data in a timely fashion.