Archive for compliance

Report Shows That 68% Of Loan Defects In 2016 Were Related To TRID

Posted by Patrick Barnard on June 09, 2017

More than 68% of loan defects reported in 2016 were related to the TILA-RESPA Integrated Disclosures (TRID) rule, data from mortgage software firm ACES Risk Management (ARMCO) shows. The firm’s Mortgage QC Industry Trends Report for the fourth quarter of [Read More]

Why Repealing Dodd-Frank Will Fail

Written by Peter G. Miller on June 08, 2017

The last time the Financial CHOICE Act was up before Congress, the bill went nowhere.

Maryland Adopts Fast-Track Foreclosure Law

Posted by Patrick Barnard on June 05, 2017

Maryland Gov. Larry Hogan recently signed into law a fast-track foreclosure bill that will expedite the foreclosure process for vacant properties. Last year, the state of Ohio passed a similar measure, with the intent to reduce community blight. “Blight caused [Read More]

Asurity Technologies Delivers New Mortgage Compliance Platform, RegTech

Posted by Patrick Barnard on June 02, 2017

Asurity Technologies – formerly Treliant Solutions – has rolled out a new integrated best-in-class compliance platform for the mortgage industry, dubbed RegTech. The new solution combines technologies from Treliant Solutions, which recently became Asurity Technologies, as well as Risk Management [Read More]

Barry Hays: Servicers Must Reinvent Their Call Centers For Multichannel Millennials

Written by Patrick Barnard on May 30, 2017

PERSON OF THE WEEK: If you’re a mortgage servicer, you can safely assume that live phone communications with borrowers will become much less prevalent in the future. That’s because younger borrowers – millennials included – are much more inclined to [Read More]

Michael Wojcik: Appraisers Concerned About Growing Use Of Data And Analytics

Written by Patrick Barnard on May 23, 2017

Appraisers are concerned about the technology movement, including the use of big data and analytics, and how that might impact their careers in the future.

FormFree Hires Ann Fulmer As Chief Strategy And Industry Relations Officer

Posted by Patrick Barnard on May 23, 2017

Loan quality subject matter expert and analyst Ann Fulmer has joined asset verification solutions provider FormFree as chief strategy and industry relations officer. A nationally recognized strategist, thought leader, speaker and author specializing in data integrity, fraud and federal/Consumer Financial [Read More]

Philadelphia Sues Wells Fargo For Alleged Fair Housing Act Violations

Posted by Patrick Barnard on May 15, 2017

The bank’s practices “disproportionately affected minority borrowers” and resulted in foreclosures throughout the city, Mayor Jim Kenney says.

CoreLogic: Loan Performance Continued To Improve In February

Posted by Patrick Barnard on May 09, 2017

The mortgage delinquency rate (30 days or more past due) in February fell to 5.0% of all loans – down from 5.5% in February 2016, according to CoreLogic’s Loan Performance Insights Report. As of the end of February, the foreclosure [Read More]

Is The MBA’s GSE Reform Proposal ‘The One’?

Written by Patrick Barnard on April 26, 2017

With the Trump administration in the White House and a Republican-controlled Congress, it could be argued that the time has never been so ripe for GSE reform to finally happen.

SouthLaw Hires New Associate Bankruptcy Attorney

Posted by Patrick Barnard on April 19, 2017

Lisa C. Billman has joined SouthLaw PC, a law firm focusing on the protection of creditors’ rights in Missouri, Kansas, Nebraska and Iowa, as an associate attorney for the bankruptcy department located in the firm’s corporate office in Overland Park, [Read More]

Sanjeev Dahiwadkar: Trump’s ‘Two For One’ Order Creates Regulatory Murkiness

Written by Patrick Barnard on March 27, 2017

PERSON OF THE WEEK: The Trump administration’s executive order requiring federal regulatory bodies to eliminate two existing regulations for every new one they enact is just one of many actions that have created regulatory uncertainty for mortgage lenders and servicers. [Read More]

TRID Caused Bulk Of QC Issues For Mortgage Lenders In 2016, Study Finds

Posted by Patrick Barnard on March 08, 2017

A study conducted by mortgage process outsourcing firm MetaSource finds that 12 of the top 15 quality control (QC) issues mortgage lenders faced in 2016 were related to the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosures (TRID) rule. In [Read More]

NCS Snaps Up Lisa Binkley As SVP Of Business Development

Posted by Patrick Barnard on March 06, 2017

Lisa Binkley has joined National Credit-reporting System Inc. (NCS), a full-service consumer reporting agency specializing in third-party verification solutions and credit intelligence, as senior vice president of business development. Binkley, a recognized industry expert in third-party verifications, quality control and [Read More]

Michael Vitali: Now Is Not The Time To Relax On QC

Written by Patrick Barnard on March 01, 2017

PERSON OF THE WEEK: When it comes to the potential for regulatory rollback under the Trump administration, there are myriad possibilities. But, should the administration succeed in rolling back some or all of the onerous mortgage regulations put in place [Read More]

LRES Rolls Out Lien Alert Solution

Posted by Patrick Barnard on February 20, 2017

LRES, which offers valuations, real estate owned asset management, homeowners association (HOA) and other technology solutions for the mortgage and real estate industries, has launched a lien alert solution to enable servicers to continuously monitor their portfolios for liens and [Read More]

CFPB Fines Prospect Mortgage $3.5 Million For Illegal Referrals

Posted by Patrick Barnard on February 01, 2017

The CFPB alleges that the lender used a variety of schemes to pay kickbacks for referrals of mortgage business in violation of the Real Estate Settlement Procedures Act.

Rick Glass: Expect Some Consolidation In The Mortgage Industry In 2017

Written by Patrick Barnard on January 21, 2017

What will 2017 bring for mortgage lenders? Based on the blazing speed with which the Trump administration seeks to bring about change – a la the recent decision to reverse the previously enacted Federal Housing Administration rate cut and promises [Read More]

TransUnion, Equifax Fined By CFPB For Misleading Consumers

Posted by Patrick Barnard on January 04, 2017

Two of the largest credit reporting agencies, TransUnion and Equifax, are being fined by the Consumer Financial Protection Bureau (CFPB) for allegedly deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The bureau also [Read More]

First American: Automated Verification Tools Are Driving Down Loan Defect Rate

Posted by Patrick Barnard on December 28, 2016

The rate of defects (i.e., errors, whether intentional or not) in loan applications remained unchanged in November compared with October, according to First American Financial Corp.’s Loan Application Defect Index. However, the rate of defects was down 12.8% compared with [Read More]