On September 29, 2015, the Multi-State Mortgage Committee (MMC) and Conference of State Bank Supervisors (CSBS) issued an industry bulletin – Supervisory Expectations Regarding the Use of Electronic Examination Tools – clarifying “their supervisory expectations regarding the use of electronic examination tools.” According to the bulletin:

“State regulators expect mortgage lenders and brokers to provide data that completely and accurately reflects the status of their loan portfolios in a timely manner and in an acceptable format”; some companies’ inability “to provide comprehensive and accurate data in an acceptable format” has complicated and extended the time required to complete examinations; and the MMC is recommending that state regulators “take an enforcement action should a company be unable to timely provide data that accurately reflects the status of its loan portfolio.

Please see full Advisory for more information.