Mortgage Document Prep

Mortgage Document Prep
Having fulfilled in excess of 800,000 residential mortgage loan packages since our inception in 1997, more than 250 financial institutions, federal and state chartered banks, mortgage bankers, brokers and credit unions rely on our expertise for quick, accurate, and compliant residential mortgage closing documents throughout all 50 United States and the District of Columbia.

Loan Fulfillment Services

Loan Fulfillment Services
Rely on our online loan fulfillment services so you can focus on growing your own business instead of detailed and expensive back office operations. We take care of clearing all pre-closing, closing and funding conditions, preparing loan documents to client’s specifications, HUD-1 review and approval, ordering the wire, funding, monitoring trailing documents, clearing stipulations and deficiencies, and shipping and stacking the closed loan package.

Mortgage Law Compliance

Mortgage Law Compliance
With over 200 years of combined legal experience, our attorneys formerly served as executives at large mortgage companies, former general counsel to large lending institutions, judicial clerks, and have even aided in the drafting of instrumental legislation affecting mortgage law. Our attorneys are leaders in the field of mortgage law and regularly teach mortgage professionals about changes affecting the mortgage industry.

Recently Published News Articles

FFIEC Announces Availability of 2013 HMDA Data

Published on Tuesday, September 23, 2014 in Client and Friends Memo
Reprinted below is the text of the CFPB press release regarding the 2013 HMDA data released by the FFIEC on September 22, 2014. Pay particular attention to the explanation of how the regulators use HMDA data in their examinations to determine whether a lender is complying with fair lending laws. With the addition of more data points in the proposed HMDA regulations (see the August 29, 2014 memorandum posted on our website www.bmandg.com), we believe future HMDA data will become more critical in fair lending examinations. For further information regarding the HMDA data, click on the hyperlinks and URLs in the CFPB press release.   

Regulation Z Threshold Amounts Raised for Exempt Transactions

Published on Thursday, September 18, 2014 in Home Equity, Client and Friends Memo
In a September 9, 2014 notice, the Board of Governors of the Federal Reserve System (FRB) and the Consumer Financial Protection Bureau (CFPB) published final rules amending the official interpretation and commentary to Regulations Z by increasing the threshold for exempt consumer credit transactions to $54,600, effective January 1, 2015.

Mortgage Loan Officer Overtime Pay in Light of Recent Cases

Published on Wednesday, September 17, 2014 in Broker Licensing, Client and Friends Memo
Recently we were asked by a client if the invalidation of the March 24, 2010 U.S. Department of Labor Administrator’s Interpretation No. 2010-1 (AI 2010-1) by the District of Columbia Circuit Court of Appeals’ July 2, 2013 decision in Mortgage Bankers Assoc. v. Harris, 720 F.3d 966 (D.C. Cir., 2013), cert. granted, 134 S.Ct. 2820 (U.S. Jun 16, 2014), herein the “Harris decision,” allows employers to re-classify their mortgage loan officers (MLO) as administrative employees exempt from overtime requirements under the Fair Labor Standards Act (FLSA). Our recommendation is that employers should not re-classify MLO employees as exempt administrative employees based on the Harris decision, for the following reasons:
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