An article just published by the New York Times trumpets the news that house flipping is popular again. Those of us who have been in the mortgage industry for the past 10-15 years know that low interest rates and loose credit standards combined with property flipping fever drove much of the housing bubble in 2003-2008. […]Read More House Flipping Is Back to Pre-Crisis Levels according to NY Times
One of the biggest concerns that mortgage lenders have had for years is that they send their mortgage funds and collateral security documents to complete strangers who gather together and manage a process where there is no seat for them at the table. Even though the closing of a mortgage loan involves significant sums of […]Read More If The Table Starts Rockin’, Who’s Gonna Come Knockin’?
According to Mortgage Professional America, the acting director of the Consumer Financial Protection Bureau, Mick Mulvaney, recently told industry leaders that the CFPB will no longer practice “regulation by enforcement.” “The regulation by enforcement answer is really simple – we aren’t doing it anymore,” Mulvaney said. “It’s a fairness issue. If you’ve done something for […]Read More CFPB: No More Regulation by Enforcement? An Analysis
Just today the industry learned that WEI Mortgage has discovered a data breach from an email phishing scam last Fall that appears to have exposed loan file information and borrower personal identifying data such as Social Security numbers to outside parties. Back in October 2016 I wrote that Wells Fargo Bank and the Federal Bureau […]Read More Data Breaches from Email Phishing Scams Still Rocking Mortgage Industry: WEI Mortgage latest victim.
Settlement agents, the men and women who manage the closing of residential mortgage loans, carry a great burden with them. Each time they close a loan they have access to mortgage proceeds, lender documents including the important collateral security instruments (note and mortgage) and borrower personal and financial information (in the final 1003 and other […]Read More Why Settlement Agents Pose the Greatest Risk to Mortgage Lenders and Borrowers
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 […]Read More Enterprise Risk Management: What’s in Your MROM?