Beginning this January, ComplianceEase, in cooperation with the Multistate Mortgage Committee (MMC), will offer a complementary pre-exam portal “sandbox” to assist all residential mortgage lenders during their preparation for electronic examinations (e-exams).
The pre-exam portal is a public service available to any mortgage lender and is intended to improve lenders’ experience during the preparation for state and federal e-exams by giving them an opportunity to test the accuracy of the data they are submitting to regulators and previewing audit results.
Once enrolled in the portal, lenders will be able to submit up to 100 LEF (Lending Examination Format) files for validation of proper formatting and evaluation against federal, state and local consumer protection compliance criteria.
The pre-exam portal will return complete ComplianceAnalyzer audit reports, similar to those the examiner in charge (EIC) will eventually receive.
These reports will enable lenders to identify data integrity, mapping and translation issues, as well as view compliance findings before submitting the LEF files for the “live” e-exam through RegulatorConnect, the regulators’ e-exam platform.
This preparation process provides transparency to lenders being examined and allows them to verify that LEF files accurately represent the loan data contained in the system of record.
Neither the LEF data submitted to the pre-exam portal, nor the resulting pre-exam audit reports, will be accessible to regulators.