Any organization seeking to adopt appropriate operational risk management policies and procedures must ensure that they have met the five step process to ensure success. This process focuses on proper governance. It is not enough to simply “check the box” and hope that wire fraud, mortgage fraud and closing fraud never reach the organization. The […]Read More Successful Risk Management Requires Proper Top-Down Governance
If you are merely collecting a “Certificate of Coverage” on behalf of a closing attorney and passing them through your loan process as meeting your internal risk management protocols you may be in for an unpleasant surprise if a claim arises. At Secure Insight we do more than collect insurance certificates, we review policies and […]Read More When a Closing Attorney’s E&O Policy is not Actually Insurance and Why a Lender Should Care
Lending in New York? Purchase money business always carries closing fraud risk, however New York business tends to be riskier for many lenders. The state has high average loan amounts, features instrument recording procedures that delay evidence of mortgage and deed recordings for long periods of time following the closing, and there is no CPL […]Read More NYSAR Reports Up Market for Sales in NY, with No CPL Lenders Face More Purchase Mortgage Closing Table Fraud Risk
According to an article published today in Mortgage Professional America, the former CEO of LandCastle Title, who also served as the managing partner of a real estate law firm, will spend 15 years in federal prison for orchestrating a scheme to bilk his firm out of millions of dollars. Nathan E. Hardwick IV, 53, operated […]Read More Conviction of Attorney and Title Agency CEO for $26 Million Fraud Crime Reinforces Need for Closing Agent Risk Management
“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 federal and state regulator focus on the issue, increased publicity over wire fraud and data storage breaches in business and industry, and heightened concern by consumers about how their sensitive […]Read More Protecting Borrower Data in An Age of Hacking and Phishing Schemes
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