I work in the Legal Department of a bank holding company. We have subsidiary banks in 6 states (some state chartered, some federally chartered), and a mortgage banking company that does at least some form of business in almost 45 states. Our Compliance Department feels it is the Legal Department's responsibility to keep up to date on ALL state statute changes related to the financial industry (banking & mortgage issues) that could effect any of our subsidiaries and then notify the appropriate individuals when changes do occur. We are finding this task to be quite challenging and time consuming. Does anyone have any suggestions as to software, manuals, websites, etc. that might be helpful? We feel like there HAVE to be other banks/BHCs in our position, and would like to know how they handle this type of thing.

Thank you.

We're in 42 states so I feel your pain! We subscribe to VMP statelink and they send email updates if a change w/in a state effects processing or closing issues for mortgages. I also have signed up for Lotstein & Buckman email alerts that are also pretty good about sending updates on things in the works. Plus I check out the MBAA website. I'm on a limited budget so I just have to do my best. (As you may can tell, I'm on my own in the Compliance Dept.)

Feel free to PM me if you have any other issues I can help with.

FYI, we are a state chartered member bank.

Do you use a mortgage origination system that provides compliance updates with updated forms? That is a major help. Also, to understand what the actual requirements are and whether they apply to you, I have found that Sheshunoff's Mortgage Lending guide is useful as well as Westlaw (I think it was Westlaw). AllRegs is pretty good, as well, and reasonably priced.

I have worked at 2 lenders that made mortgages and home equity loans in all 50 states so I understand what you are going through. It is not fun. An ultimate solution is to bring the bank that is over the mortgage company under the OTS! They love to preempt state law. Companies have done that for the exact reason that it greatly streamlines the work involved.

I'll second Shelly's post - Lotstein Buckman and Butera & Andrews are the primary sources I use for following up on the various laws. B&A is particularly useful in that they often provide a cheat sheet of the primary provisions of the reg.

Complianceheadquarters.com has a legislative section. They will email you with changes that apply to federal and individual state regulations. It is really a good service and is easy to sign up for. They separate the type of change, i.e. Consumer Lending, Deposit Operations, Privacy, Residential Lending. You can sign up for one or all of them.

http://www.complianceheadquarters.com/Lending/lending.html

VMP also has an email service that notifies you when the states make a change.

http://www.vmpmtg.com/

And then there is Allregs.

http://www.allregs.com

MBA also has an email service. You can also go to their website and click on the icon that says "States & Local."

http://mbaa.org/

As you can see, there are lots of Internet sites that will email you with changes.