According to figures published by the Federal Bureau of Investigation (FBI), the Financial Crimes Enforcement Network (FinCEN), Corelogic, Interthinx and LexisNexis, based upon filed SARS reports and other available data, California has been cited in the top ten fraud states nearly every year for the past decade. In 2009 and 2010 California was 3rd in […]

Today the NJ Department of Banking and Insurance issued its advisory Bulletin No 18-04 addressing all banks in the state on the topic of wire fraud. The notice explains the recent increase in fraud schemes involving the changing of wire instructions in an effort to steal mortgage loan proceeds.  It recommends that lenders do the […]

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 […]

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 […]

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 […]

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 […]

“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 […]

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 […]