Payday Loans News Break: AARMR Joins Growing Community of Regulators

Compliance Ease ^®, the nation’s leading provider of mortgage risk management solutions, announced today at the Mortgage Bankers Association’s 95th Annual Convention and Expo that the Board of Directors of the American Association of Residential Mortgage Regulators (AARMR) has approved the adoption of examination automation solutions for its members, selecting Compliance Analyzer ^® and …

Your Payday Loans News Source Quoted With Edits From: American Association of Residential Mortgage Regulators Joins Growing Community of Regulators Improving Consumer … (Centre Daily Times)

Some words on mortgage industry regulation:

In a time of staggering credit problems and sub-prime mortgages, consumer confidence in America’s Real Estate market is low. That is in large part why the American Association of Residential Mortgage Regulators (AARMR) have adopted automated solutions to streamline the mortgage lending oversight process. Compliance Analyzer ^® and Regulator Connect ^®

AARMR President David Bleicken tells me all I need to know about this when he explains that doing this will achieve the following:

It will dramatically improve mortgage regulation with faster and more comprehensive examinations. That means better protection for both consumers and global markets… This cutting-edge loan review technology builds upon the work the states have done in building the Nationwide Mortgage Licensing System and Registry, a sophisticated, web-based platform for mortgage licensing and supervision that will enable the states to track bad actors across the country and coordinate supervisory efforts… This fall we will, for the first time, be launching coordinated, multi-state examinations of a number of the largest mortgage companies. Collectively these initiatives form a powerful regulatory program that the states will be using together to regulate the mortgage industry more effectively.

Regulation of the mortgage industry will be an essential part of restoring consumer confidence in the Real Estate market. For payday loans, it’s also good to know that the Truth in Lending Act (TILA), as well as organizations like the Community Financial Services Association (CFSA), Online Lenders’ Alliance (OLA) and state governments provide oversight to the payday loansindustry.

However, governments don’t always have the best interests of the constituency in mind when it comes to over regulation. This November 4, be sure to vote for financial freedom and consumer choice when it comes to payday loans!