AUTOMATED COMPLIANCE STREAMLINES YOUR MORTGAGE MARKETING
OSI Express keeps up with industry changes for you, so you can focus on your business. When any compliance change occurs, your account is automatically updated. Even loan options displayed on previously saved house flyers, property websites and financing reports are automatically re-calculated and refreshed to ensure compliance.
Updates include correct FHA maximum loan limits by county, VA maximum loan limit changes, funding fees, MIP factors or completely new compliance requirements that require complex re-programming and more.
Below are just a few examples how OSI Express ensures compliance…
Don’t Allow Mistakes
What’s Required:
One incorrect item can cause a ripple effect of non-compliance.
Compliance officers have to manage many moving parts to ensure loan officer’s advertising is correct.
Mistakes loan officers commonly make in their advertising that cause non-compliance are entering incorrect FHA down payments, MIP requirements, VA Funding Fees, APR calculations, and more.
You need a mortgage marketing platform that automatically calculates all industry compliance items correctly no matter the loan type, loan-to-value, loan amount, term, etc. without the loan officer having the ability to enter these items incorrectly.
How OSI Express Does It:
OSI Express does it correctly, is updated real-time with industry changes and will not allow the loan officer to enter incorrect industry items.
When loan officers make any change such as loan amount, term, loan type and more, the required industry items, loan, closing costs and APR are instantly re-calculated with each mouse click.
REG Z ARM Disclosures
What’s Required:
According to REG Z, these disclosures must be displayed in “equal prominence” to the loan triggering the disclosure meaning they cannot be in fine print at the bottom of the page.
They must calculate and display what the the principal mortgage payment and rate would be for each interval period which is based on the CAPS, payment and interest rate based on the fully indexed rate, the index used and what the index is currently, the margin along with specifically required statements and more.
How OSI Express Does It:
ARM disclosures are mini programs in themselves because of the way they must be calculated and displayed. OSI Express does this correctly, calculating each payment based on each interval period, the payment based on the fully indexed rate and more.
All information is correctly displayed next to, and equally prominent to the loans advertised. Even the number of interval periods along with each interval’s payment and interest rate, dynamically change because the interval periods may differ based on the CAPS. This is the only way to meet the very specific REG Z disclosure requirements and be compliant.
REG Z Triggering Terms
What’s Required:
The down payment displayed as amount or percentage, the terms of repayment which reflect the repayment obligations for the full loan term, APR, etc. all must be calculated for loan and properly displayed.
How OSI Express Does It:
REG Z triggering term requirements are included within the loans displayed. Down payment is displayed as amount and percentage, APR is correctly calculated and displayed next to, and in the same font size as the rate. The full terms of repayment are calculated and displayed. The total payment is even calculated and displayed separately than the P&I payment.
RESPA
What’s Required:
RESPA requires the sharing of cost for anything of value provided to a REALTOR® by a loan officer.
How OSI Express Does It:
One of the features within MLS Link® is an option for automatic billing for REALTORS® when loan officers provide REALTORS® an account with their own login/password.
Typically, loan officers can choose sharing or not sharing of cost when they provide REALTORS® an account. However, corporate accounts that have purchased the private label can request us to require the sharing of cost.
When REALTORS® are sharing the cost, they will pay $1.50/mo for their access via credit card with automatic billing until they cancel. For audit purposes, corporate administrators can print MLS Link® cost sharing reports to show the equal sharing of cost.
Additionally, corporate administrators can disable co-branding. When doing so, any flyer a loan officer creates or opens will not permit co-branding with REALTORS®. However, even if co-branding is disabled, house flyers REALTORS® open while logged into their account will always be co-branded. This is due to the fact that cost sharing can be implemented for REALTORS® who are provided their own accounts.
OTHER COMPLIANCE ITEMS
What’s Required:
Mortgage adverting requires many compliance items.
How OSI Express Does It:
OSI Express is continually updated to accommodate mortgage industry compliance and provides corporate administrators the ability to easily control all of their company specific items such as licensing, disclaimers, costs calculations and more.
