The Washington State Department of Financial Institutions, along with the Conference of State Bank Supervisors (CSBS), is encouraging industry to integrate state-developed data standards with mortgage loan origination system.
“With this initiative to move toward standardized data, state mortgage regulators will be able to take the next step to significantly improve the efficiency and effectiveness of examinations. It is an important step in modernizing examination work”, DFI Director Charlie Clark said.
The regulators’ call for adoption follows several meetings held with industry this year to better address data transfer in e-exams and understand challenges in delivering cleanly mapped data.
Next step: Regulators are assisting vendors that choose to incorporate LEF data export abilities into their individual systems.