What has our team accomplished in the in Q3 of 2021? Read more to learn about the exciting things our team is working on.
To make our issues management module even more effective, we have added some smart features.
Data technology sets the stage for organizations to identify issues before they become more costly down the line.
Recently published data shows the largest refinance volume in history. Over 1.1 trillion in first lien mortgage refinances in Q2 2020. What’s more, trends indicate that Q3 2020 purchase lending will rise by 30-40% which would push to another record high. With the high speed of turnover in servicer and investor transfers, the data being boarded onto your systems will barely have time for a true QC before they are released to another entity. Similarly, the new loans coming onto your books will have barely boarded their initial servicing system before RESPA notifications fly out the door and they board your system. How accurate can the data be? How many were reviewed? One in ten? Five in a hundred? There are errors in your data. But how can you find them? Which are crucial to be corrected right now?
The first half of 2020 has been unusual and unprecedented, but despite stay-at-home orders nationwide, the BaseCap team has been hard at work continuing to expand the core features for our Data Quality Management Platform and helped our customers to achieve some major milestones. We are happy to celebrate with our team the following major successes for H1 of 2020.
Bank of America will have to suspend its capital plans, the Federal Reserve announced, following a recent disclosure the banking institution incorrectly reported data used in the calculation of regulatory capital ratios. Those ratios were submitted as inputs in a stress test conducted by the Federal Reserve. The board announced Monday it would suspend planned increases […]
New regulatory rules are having a big impact on community banks, particularly those who have not made compliance a priority, according to figures released in the most recent Banking Compliance Index. Financial institutions were subject to 66 new regulatory items in the first quarter of 2014. The latest index shows enforcement actions against community financial […]
The Office of the Comptroller of the Currency issued an interim final rule amending regulations to be more consistent with the recently adopted Basel III Capital Framework, earlier this month. The interim final rule is meant to clarify requirements across the board by revising the OCC’s regulatory capital rules to provide cross-references to new capital rules and […]