For mortgage bankers who require an understanding of regulatory compliance terms, A Desktop Reference Manual of Compliance Terms is a very practical tool, but not necessarily in the manner the authors may have intended.
First of all, the current edition of A Desktop Reference is more a banking book than a mortgage banking book. It covers financial regulatory information that is not found in most mortgage banking reference guides. The emphasis on banking is most readily apparent to the mortgage banker who is disappointed when he/she fails to find an adequate reference to such common compliance concepts as "right of rescission," "referral fees" or "Good Faith Estimate." The lack of mortgage perspective becomes almost comical with such lapses as the "Federal Housing Authority" (instead of the "Federal Housing Administration") and failures to accurately identify Freddie Mac and the Department of Veterans Affairs.
It would be unfair to label these oversights fatal, however. For while a book this ambitious is bound to suffer some lapses, this one has much more to offer than other reference guides of its relatively small size and cost. In fact, once the mortgage banker accepts the fact that other sources must continue to be relied upon for specific and timely mortgage compliance information, he/she can put A Desktop Reference in its proper perspective - using it in tandem with other compliance resources to cover the full range of federal financial regulations.
A Desktop Reference is divided into three main sections: a dictionary, where several hundred financial terms are defined; a glossary of regulations, which lists each financial regulation and the corresponding terms (cross-referenced back to the dictionary); and a list of acronyms.
The dictionary section is the book's principal section. It is a very ambitious effort to list and define federal financial compliance terms. It is far more comprehensive in the regulatory and banking areas than the Mortgage Bankers Association of America's (MBA's) Mortgage Banking Terms - especially so because of its periodic regulatory citations (more on that later). But, as already mentioned, it is less comprehensive in defining specific mortgage compliance terms. Its most detailed definitions are reserved for such terms as "transaction account" and "savings deposit." "Residential mortgage transaction" and "servicing rights" get significantly shorter shrift.
I make no claim to being a banking expert and cannot...