Monthly Regulatory Compliance Change Management Summary

Attached, please find our monthly Regulatory Compliance Change Management Summary as of June 30, 2019

This month’s Regulatory Compliance Change Management conference call will take place on Thursday July 25th at 3 pm EST. To register for the monthly call, please email compliancechgmngt@cenlar.com. For your convenience, the call will be recorded and made available to clients who are unable to attend. If you have already registered for a previous call there is no need to request registration again.

Any questions related to the monthly summary, overview process, or specific regulatory change items can be sent directly to compliancechgmngt@cenlar.com and the Compliance Department will respond within 2 business days of receipt (excluding weekends and holidays).

Noteworthy Items:

The following items are currently showing as Out of Compliance (effective date as passed and we are beyond our standard implementation timeframe) on our June report but have been deemed low risk. The rational for the risk rating is included with each item and these items continue to be implemented.

  • Q5427 – Utah SB 193 – Relates to data breaches. This is low risk as Cenlar currently has a response team to deal with data breaches.  Cenlar is updating its procedures to reflect this new requirement.
  • 5425 FHA Revises Handbook 4000.1 – Relates to the numerous revisions to the FHA Handbook. Cenlar has completed all but 2 of the 32 actionable items. This is low risk as there are only 2 pending Action Items remaining regarding the Bank signature line on the Loss Mitigation Trial Approval Letter (LM024) and confirmation that the letter has been placed into production.