We want to provide additional information on the Consumer Services’ (the Division’s) new electronic examination (e-exam) process. In the Division’s letter of April 20, 2010, we explained that the Department, along with other States in the country and the Conference of State Bank Supervisors (CSBS), have signed an agreement that will enable coordinated multi-state mortgage examinations and the use of technology to increase efficiencies in examinations.
The Department wishes to give you additional information on two sets of deadlines that the two industries are required to meet in 2011.
Schedule of Implementation
The Department provided over a year of preparation time to enable you to update your loan origination and portfolio systems, and other business processes you use for loan production.
The Department also staggered the implementation of the request for collecting and submitting loan data electronically into two stages by industry type to alleviate the potential strain on the Mortgage Broker segment of the two industries.
RegulatorConnect.org is a web-based system that you will use to submit your loan data so that the Department can access and analyze your loan portfolio for compliance with federal and state laws.
The website is secured with strong encryption; and once you are registered, you will have free access to detailed instructions on how to prepare your files in the Examination Loan File (LEF) format that is required for submitting your loan data to the Division.
Please take these steps to get started to collect and submit your real estate secured funded and closed loans:
The Division expects all Consumer Loan companies to be able to collect and submit their mortgage loan data to RegulatorConnect.org no later June 30, 2011.
Mortgage Broker companies need to be prepared with the goal of being able to also collect and submit their loan data to RegulatorConnect.org by December 31, 2011.