NJ To Create its Own CFPB, Following Pennsylvania. Consumer-Driven Financial Regulation of Mortgage Lenders and Banks is Not Going Away.

Just when lenders were expecting the CFPB in Washington to fade silently into the mist of the night, there were rumblings that states were considering enacting their own CFPB organizations and regulations to prevent the Trump Administration from killing consumer protection oversight. Today those rumors have gained serious traction. According to the New Jersey Mortgage […]

Enterprise Risk Management: What’s in Your MROM?

Increasing regulatory pressures on banks and lenders to adopt greater risk management systems and processes are aimed at establishing a more uniform approach to quality control industry-wide. At the same time these pressures seek to protect consumers from the type of non-managed business decisions that were at the root of the financial industry collapse several […]

The Mortgage Fraud Triangle: What It Means For Your Business

Fraud is pervasive in virtually every industry. The reason is that fraud is the consequence of a human condition that exploits the opportunity to gain assets through rationalization and need. Every one of us is vulnerable to committing a fraud crime given the right circumstances and the opportunity. Mortgage lenders and banks need to understand the underpinnings of […]

CFPB, CFPB Where For Art Thou CFPB?

Th election of President Donald Trump signaled for many in the mortgage industry that finally something would be done to reign in federal regulation and allow lenders to make more loans. There was also a secret desire that the potential elimination of the super federal regulator would mean that the millions spent on building out […]

Mortgage Industry Vendor Risk Policies: All Businesses Are Not the Same

When the CFPB issued Bulletin 2102-3 (reaffirmed again in 2015), forever changing the way that banks and lenders nationwide look at third party relationships, they offered only a bare outline of detail regarding what that risk management should include. The general directive included: risk evaluation, ongoing monitoring, and verification of internal controls. Since then lenders […]

How Are You Protecting Borrower Data Collected in the Mortgage Loan Process?

“Data privacy” and “data security” are terms most lenders are hearing over and over again these days. The reasons for this are numerous but include the CFPB’s focus on the issue, increased publicity over data breaches in business and industry, and heightened concern by consumers about how their sensitive non-public information is being managed by […]

NY Opinion Poll Indicates Public Wants More Protection in Mortgage Settlement Process

In October an independent opinion poll was conducted by American Money Services of NY seeking public input on issues surrounding mortgage closings. The results were nothing less than fascinating, and should serve as a wake-up call for the settlement industry. An overwhelming majority of respondents believe that only attorneys should be permitted to act as […]

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 […]

Recent Tales of Mortgage Fraud: The dumb, the bad, and the Ugly Truth!

You Can’t Make This Stuff Up! This month like every month we feature some of the latest news about mortgage and closing fraud affecting our industry. These are real cases from around the country, only the names have been redacted to avoid threats of frivolous legal action… In Washington State, a vice-president, loan officer and […]

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 […]