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...
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...
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...
“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...
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...