Blog – Page 2 – Secure Insight

CPL or Bonds and Insurance: Which is More Important to Verify Before Doing Business with a Closing Agent?

Written on March 13, 2020.

Many lenders mistakenly believe that as long as they receive a closing protection letter (CPL) from a title agent or closing attorney then they have nothing to fear about a loss that may occur at the closing table. These...

New York Law Now Requires Borrower Attorneys at Reverse Mortgage Closings to Protect Consumers from Fraud

Written on February 25, 2020.

Identity theft and misrepresentation in mortgage transactions has traditionally concentrated in the reverse mortgage business. In these cases one can clearly see how elderly homeowners can be manipulated into taking out...

The Importance of Escrow Payment Recipient Name Matching to Avoid Wire Fraud Harm

Written on February 12, 2020.

Yesterday the Federal Reserve Chairman Jerome Powell testified in front of the US House Financial Services Committee about monetary policy generally, however he was asked an interesting question during his appearance...

The All Too Real Threat of Consumer Identity Theft and What Mortgage Banks Must Do to Help Prevent It

Written on January 29, 2020.

A recent article in Bloomberg Business Week chronicled the SIX YEAR plight of a reporter who was a victim of identity theft. The cost mentally, physically, financially and to his reputation was severe and life changing. ...

NCUA Gets Serious About Credit Union Third Party Vendor Management

Written on November 20, 2019.

The National Credit Union Administration, based in Washington, was an early advocate for vendor management policies. As early as 2001, the NCUA issued a guideline suggesting that credit unions manage third party service...

Legal and Ethical Considerations Surrounding the Handling of Consumers’ Private Data by Mortgage Lenders

Written on July 11, 2019.

Never have there been so many legal and ethical considerations surrounding mortgage lender handling of consumer data. There are good reasons for this fact. Mortgage lenders have access to the most personal and private...

Successful Risk Management Requires Proper Top-Down Governance

Written on May 31, 2019.

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...

When a Closing Attorney’s E&O Policy is not Actually Insurance and Why a Lender Should Care

Written on May 8, 2019.

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...

New Attorney E & O Exclusion Exposes Lender Closing Table Risk in Massachusetts

Written on May 3, 2019.

We have noticed that in Massachusetts, insurance carriers providing attorney errors and omissions coverage have been quietly adding a new exclusion to their new and renewal policies. This exclusion is known as the “Disbursement...

NYSAR Reports Up Market for Sales in NY, with No CPL Lenders Face More Purchase Mortgage Closing Table Fraud Risk

Written on April 22, 2019.

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...