risk management enterprise risk management

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...

Protecting Borrower Data in An Age of Hacking and Phishing Schemes

Written on June 14, 2018.

“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...

CFPB: No More Regulation by Enforcement? An Analysis

Written on May 18, 2018.

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...

Data Breaches from Email Phishing Scams Still Rocking Mortgage Industry: WEI Mortgage latest victim.

Written on April 24, 2018.

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...

Why Settlement Agents Pose the Greatest Risk to Mortgage Lenders and Borrowers

Written on April 23, 2018.

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...

Enterprise Risk Management: What’s in Your MROM?

Written on April 4, 2018.

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...

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