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...
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...
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...
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. ...
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...
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...
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...
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...
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...
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...