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 Unions […]

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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 fall […]

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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 with […]

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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’t […]

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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, […]

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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 closings […]

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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, […]

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The Consumer Financial Protection Bureau released a highly detailed report of consumer complaints received by the oversight agency regarding the lifecycle of various financial transactions, including mortgage loans. The report breaks down complaints by category, geography, and racial and other demographics and describes interesting variances between the nature of complaints among races, ethnicity, and various […]

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A Long Island man, Brent Kaufman, pleaded guilty this week to stealing $4.7 million in mortgage refinancing proceeds that were meant to pay off the existing mortgages of his clients. Kaufman was an unlicensed mortgage broker and assisted clients in Queens and Long Island with refinancing their mortgages. Instead of using the lender proceeds, which […]

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The U.S. Secret Service issued an advisory warning of a significant increase in wire transfer fraud involving efforts to substitute fraudulent mortgage payoffs and thereby divert proceeds for criminal gain. The government agency reported that criminals send fictitious or altered mortgage payoff statements to title companies, attorneys and others acting as a closing or settlement […]

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