Archive for compliance

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]

CFPB Challenges Court Ruling In PHH Case

Posted by Patrick Barnard on November 22, 2016

The bureau is petitioning the U.S. Court of Appeals for the District of Columbia Circuit to have the PHH case reheard.

Jim Micali: Increase In MSR Deals Is Creating Challenges For Servicers

Written by Patrick Barnard on October 19, 2016

PERSON OF THE WEEK: Jim Micali is chief operating officer for LERETA, a provider of tax reporting solutions and data to the mortgage servicing industry. MortgageOrb recently interviewed Micali to get his view on whether the recent increase in mortgage [Read More]

Corporate Settlement Solutions Now Using DocMagic’s Total eClose Solution

Posted by Patrick Barnard on October 12, 2016

Corporate Settlement Solutions (CSS), a title and settlement services company, is now using DocMagic’s Total eClose solution, which unites e-note, e-signature, e-notary, MERS e-registration, e-delivery and e-vault services to provide a highly efficient, paperless end-to-end e-closing. With Total eClose, CSS [Read More]

CoreLogic: Completed Foreclosures Jumped 7.7% In August

Posted by Patrick Barnard on October 12, 2016

There were about 37,000 completed foreclosures in August – an increase of 7.7% compared with about 34,000 in July but a decrease of 42.4% compared with about 64,000 in August 2015, according to CoreLogic. What’s more, completed foreclosures were down [Read More]

CFPB Consent Order Against PHH Vacated; Judges Say Bureau Structure ‘Unconstitutional’

Posted by Patrick Barnard on October 11, 2016

Circuit court judges, in their decision in favor of PHH, said the CFPB “is unconstitutionally structured.”

Credit Plus’ Debt Verification Service Now Integrated With Ellie Mae’s Encompass

Posted by Patrick Barnard on September 14, 2016

Credit Plus reports that its Undisclosed Debt Verifications service is now directly integrated with Ellie Mae’s Encompass loan origination system. In addition, The Work Number, an employment verification service offered through Equifax Workforce Solutions, is also now integrated with Encompass. [Read More]

FHA Streamlines Loss Mitigation Process

Posted by Patrick Barnard on August 26, 2016

The Federal Housing Administration (FHA) is proposing significant changes to the requirements mortgage servicers must adhere to when servicing FHA-backed mortgages that have gone into default. The FHA says it is streamlining its loss mitigation processes by reducing the number [Read More]

H. Burton Embry To Head New Organization For Mortgage Compliance Professionals

Posted by Patrick Barnard on July 28, 2016

H. Burton Embry, executive vice president and chief compliance officer for Primary Residential Mortgage Inc., has been named president of the Mortgage Compliance Professionals Association of America (MCPAOA), a new organization for mortgage compliance professionals. Embry has more than 35 [Read More]

Bill Would Require CFPB To Verify Consumer Complaints

Posted by Patrick Barnard on June 23, 2016

If approved, the “CFPB Data Accountability Act” would require the bureau to verify the information in each complaint to ensure that it is valid.