FORMER HUD-IG DISCUSSES WHY VENDOR MANAGEMENT IS A KEY COMPONENT OF A LENDER’S LOAN QUALITY ASSURANCE PROGRAM

An Interview with Hon. Kenneth M. Donohue, former HUD Inspector General The following interview was conducted by Andrew Liput, CEO and President of Secure Insight, a New Jersey based vendor management firm specializing in identifying and monitoring settlement agent risk for mortgage lenders nationwide.  Mr. Liput sat down with Kenneth M. Donohue, former HUD Inspector […]

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Mortgage Industry Vendor Assessments Must Include Performance Reviews

When the CFPB issued its Bulletin 2012-3 addressing third party service provider risk management, the industry largely responded with a blank stare.  Because most lenders had never developed risk management protocols and vetting processes for vendors, there was significant confusion about what they needed to do to satisfy regulators. The Bulletin itself was somewhat vague […]

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President Trump will Likely NOT Eliminate the CFPB and Remove Borrower Consumer Protections

Immediately after Donald Trump was elected President in November 2016, the election the mortgage industry was buzzing with articles predicting that a Trump Presidency would mean the death knell for the Consumer Financial Protection bureau (CFPB).  It will never happen for several reasons. First, Mr. Trump did not campaign on a platform to decrease consumer […]

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What Real Estate Closing Attorneys Need to Know About the CFPB, the OCC and Third Party Vendor Management Rules Affecting Residential Mortgage Transactions

For years real estate closing work has been the “bread and butter” of many small law practices.  Representing buyers and sellers in sales and mortgage closing transactions can be a lucrative practice area, and because there are no significant rules and training or practice barriers as for example complex criminal defense or tax work, it […]

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What Notaries Need to Know About the CFPB, the OCC and Third Party Vendor Management Rules Affecting Residential Mortgage Closings

For years notaries have found a profitable source of recurring business handing the witnessing and collection of closing documents at residential mortgage closing transactions.  Whether affiliated with escrow and settlement firms, or hired by law firms and title agencies, notaries have found this work relatively easy and absent any significant supervision, oversight and regulation. That […]

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What Credit Unions Need to Know About the CFPB, the NCUA and Third Party Vendor Management Rules Affecting Residential Mortgage Closings

For years credit unions have sent mortgage proceeds and loan documents to non-vetted and unsupervised men and women acting as “settlement agents” who appeared at the closing table, interacted with members and were largely responsible for insuring a safe, secure and compliant mortgage closing.  Whether the professional was a lawyer, title agent, escrow agent or […]

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Technology Can Deter Mortgage Fraud and Predict Possible Bad Acts Before They Happen!

Using data mining and intelligence for predictive behavior analysis can stop potential losses from mortgage fraud.  Today the technology, the analytics and the processes exist to deter bad acts and to uncover bad actors BEFORE they commit a crime that can cost you and your customers tens of thousands of dollars in actual fraud losses. […]

Read More Technology Can Deter Mortgage Fraud and Predict Possible Bad Acts Before They Happen!