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 […]

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 […]

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 […]

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 […]

Spring is in the air, and for sports enthusiasts like me that means one thing: Spring training and the start of yet another baseball season. As I check out the Florida box scores, I can’t help but find some parallels between the National Pastime and the current state of the mortgage industry. With the current […]