Uncategorized – Page 3 – Secure Insight

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...

House Flipping Is Back to Pre-Crisis Levels according to NY Times

Written on April 9, 2019.

An article just published by the New York Times trumpets the news that house flipping is popular again. Those of us who have been in the mortgage industry for the past 10-15 years know that low interest rates and loose...

Conviction of Attorney and Title Agency CEO for $26 Million Fraud Crime Reinforces Need for Closing Agent Risk Management

Written on February 14, 2019.

According to an article published today in Mortgage Professional America, the former CEO of LandCastle Title, who also served as the managing partner of a real estate law firm, will spend 15 years in federal prison for...

eClosings: Now that they are HERE, do You Know HOW to Conduct Them?

Written on November 12, 2018.

Back in October 2014 the industry had an opportunity to attend a public information session in Washington, D.C. organized by the Consumer Financial Protection Bureau (CFPB). The meeting was called to announce the results...

US Treasury Department Supports the Expansion of e-Closings and e-Notarizations in Mortgage Industry

Written on August 1, 2018.

Industry publications are reporting that after a period of research and review the US Treasury Department is encouraging lenders and states to pursue e-closing and e-notarization technology to make residential mortgage...