“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...
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...
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...
Fraud is pervasive in virtually every industry. The reason is that fraud is the consequence of a human condition that exploits the opportunity to gain assets through rationalization and need. Every one of us...
Just today the industry learned that WEI Mortgage has discovered a data breach from an email phishing scam last Fall that appears to have exposed loan file information and borrower personal identifying data such as Social...
Settlement agents, the men and women who manage the closing of residential mortgage loans, carry a great burden with them. Each time they close a loan they have access to mortgage proceeds, lender documents including...
According to figures published by the Federal Bureau of Investigation (FBI), the Financial Crimes Enforcement Network (FinCEN), Corelogic, Interthinx and LexisNexis, based upon filed SARS reports and other available data,...
Today the NJ Department of Banking and Insurance issued its advisory Bulletin No 18-04 addressing all banks in the state on the topic of wire fraud.
The notice explains the recent increase in fraud schemes involving the...
Just when lenders were expecting the CFPB in Washington to fade silently into the mist of the night, there were rumblings that states were considering enacting their own CFPB organizations and regulations to prevent the...
Increasing regulatory pressures on banks and lenders to adopt greater risk management systems and processes are aimed at establishing a more uniform approach to quality control industry-wide. At the same time these pressures...