Author Archives: secureinsight

The rise of AI-Artificial Intelligence is dominating industry and news headlines. Elon Musk has recently called AI the greatest tool for the advancement of civilization and the most dangerous technology that could transform mankind into a subservient lower life form. Others have decried the use of AI such as ChatGPI as a tool that couldContinue reading “DOES ARTIFICIAL INTELLIGENCE HAVE A FUTURE IN THE MORTGAGE INDUSTRY?”

It did not take long after the Silicon Valley Bank failure for politicians in Washington to rush to the next available microphone and lament the “loosening of bank regulations”. Instinctively the finger pointing began, and in many quarters ended up in the direction of the prior administration’s policy to generally roll back stringent business regulationsContinue reading “SVB Failure Starts Aggressive Regulation Talk in Washington, IMBs Take Note”

Compliance is important to mortgage lenders because it helps ensure that they are following federal and state regulations related to lending, consumer protection, and fair lending practices. This helps minimize legal risk and protects the lender’s reputation, while also ensuring that borrowers receive fair and transparent loans. Compliance is equally important regardless of the stateContinue reading “WHY COMPLIANCE AND FRAUD PREVENTION ARE CRITICAL FOR MORTGAGE LENDERS RIGHT NOW”

The National Credit Union Administration, which issues regulations and guidance for credit union operations nationwide, released its 2023 guidelines today covering key topics for its members. High on the list of items credit unions need to be focused on are: fraud prevention and detection tools, cyber security defense plans, and consumer protection policies. Credit UnionsContinue reading “NCUA Releases 2023 Guidelines for Credit Unions on Fraud Prevention, Cybersecurity and Consumer Protection”

The events of he last 18 months have been a whirlwind for everyone who earns from the origination, closing and sale of mortgage loans. Lenders have gone from the highest of highs to a valley of despair seemingly overnight. While it is certainly true this downturn feels nothing like the 2008-2009 complete collapse, the fallContinue reading “A NEW YEAR MESSAGE OF OPTIMISM FOR MORTGAGE LENDERS”

In April 2022, Fannie Mae (FNMA) made industry news by publishing a decision that it would accept attorney opinion letters (AOL) in lieu of and as a suitable replacement for title insurance. Freddie Mac soon followed with a similar decision. The actions by these agencies were allegedly due to dissatisfaction by lenders and consumers withContinue reading “THE AOL TITLE INSURANCE ALTERNATIVE: REAL OR HYPE?”

The mortgage industry has been embracing the concept of speed as a marketing feature in the past several years. The idea that a mortgage loan can transition from application to closing in a flash is something that loan officers and business owners have become convinced will make them more attractive to clients. Hey who doesn’tContinue reading “I CAN CLOSE THAT LOAN IN 30 MINUTES?”

Recently, the Federal Bureau of Investigation (FBI) released its annual Internet Crime Report. (Read it here: https://www.ic3.gov/Media/PDF/AnnualReport/2021_IC3Report.pdf) The annual report which catalogues data on various cyber crimes estimates that in 2021 overall losses were nearly $7 billion dollars, noting that “America experienced an unprecedented increase in cyber attacks and malicious cyber activity.” On March 21st,Continue reading “FBI Reports INCREASE IN CYBER FRAUD, MORTGAGE LENDERS PRIME TARGETS”

The mortgage industry is cyclical. If you have been in the industry long enough you know the reality of living and working in an industry where fortunes ebb and flow with volume and revenue. The flip side of the volume and revenue flow chart is the accompanying increase in fraud cases in origination and closingsContinue reading “Fraud expected to increase with drop off in loan volume”

As we predicted after the Biden-Harris Administration took office, there was always going to be a new-look CFPB with a more aggressive approach to oversight. After several months the U.S. Senate has finally confirmed Rohit Chopra as director of the Consumer Financial Protection Bureau in a vote of 50 to 48 in favor. Mr. Chopra,Continue reading “New CFPB Director Confirmed, Aggressive Litigation and Rule Enforcement Predicted”