The Virtual Experience Top-5: Compliance Insights
URLA, CCPA, LIBOR, SOFR…what do they all mean? 2020 has placed many important compliance issues on the minds of lenders; understanding and acting upon each of them in the coming months will be vital. Ellie Mae examined various compliance considerations as part of the Virtual Experience 2020 event. Here are five key take-aways:
1. The new URLA will impact your entire mortgage workflow: The mandate to begin using the new uniform residential loan applicaiton (URLA) may have been pushed to March 1, 2021, but much work is required to prepare your business for this industry-wide change. Make sure you have a deep understanding about key timelines, what to expect and how to get ready.
2. LIBOR and SOFR indexes are not alike: The required LIBOR-to-SOFR transition is fast approaching. Get the latest information on the transition timeline established by the Federal Housing Finance Agency (FHFA), so you can plan for the coming changes.
3. CCPA regulations have business-wide implications: New privacy laws like the California Consumer Privacy Act (CCPA) bring consumer rights and data security to the forefront of lending operations. Understanding how to protect personal information, and related liabilities, will have direct impact on how your business can react to and recover from a breach.
4. Proper planning is essential: When considering all of these mandates, building comprehensive and proactive plans will ensure successful compliance and limited business disruption. During Virtual Experience, Ellie Mae experts shared key insights on readiness, planning steps and best practices.
5. Ellie Mae has you covered: As an Ellie Mae customer, you can tap into a vast collection of available resources, training courses and services to navigate the current compliance landscape. Additionally, the coming Ellie Mae 20.1 Major Release and May 20.1 Service Pack Updates will cover all relevant products to help ensure seamless transitions and smooth business operations.
The above insights were shared during Virtual Experience 2020 sessions “URLA Readiness: What Lenders Need to do to Prepare”, “Preparing for the LIBOR Transition”, and “Complying with State Privacy and Data Security Laws”. Access more URLA-readiness resources and join our URLA community for the latest news and updates on our “I Love URLA” page.
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