26
SEP
2014
Michael Vitali, Chief Compliance Officer at LoanLogics

CFPB wants to reduce “the visual tyranny!”

Mike Vitali comments on CFPB’s focus on the eClosing process. In a September 22  MT Magazine article (CFPB Article), Richard Cordray stated that CFPB wants to reduce “the visual tyranny of the stack of closing documents”. Forget the fact that this...
19
SEP
2014
Michael Vitali, Chief Compliance Officer at LoanLogics

Mike Vitale: Quality vs. Credit…Here we go again!

From Michael Vitale, Sr., Chief Compliance Officer: FHA business is down (FHA Loans) partly because their premiums are up and partly because Lenders are worried about penalties from immaterial underwriting issues. FHFA (the agencies) wants lenders to originate and sell them more...
18
SEP
2014

Fitzpatrick is Finalist for Steve Fraser Visionary Award

Mortgage Technology Magazine’s annual awards announcements, on Oct 19th, is greatly anticipated as they host their 15th Annual MT Awards Ceremony in Las Vegas. Former editor, Matt Strickberger, started the “Dream Team” feature recognizing technology leaders in...
17
SEP
2014
Michael Vitali, Chief Compliance Officer at LoanLogics

It’s Deja Vu all over again!

Mike Vitali comments on recent WSJ article by John Carney on new FHFA lending targets. A WSJ article (Article) reports that Fannie and Freddie are increasing their targets for the purchase of  loans made to low to moderate income home buyers. Say what? Wait a minute, isn’t...
11
SEP
2014
Michael Vitali, Chief Compliance Officer at LoanLogics

Mike Vitali comments on DSNews article on Fair Credit Reporting Act of 2014

The DSNews article reports that Representative Maxine Waters (D-CA) recently introduced the “Fair Credit Reporting Improvement Act of 2014” (Article) which would change the way consumer credit is reported and scored. (Mike Vitali’s comments are in parenthesis)...
11
SEP
2014
Michael Vitali, Chief Compliance Officer at LoanLogics

Mike Vitali comments on the FHA’s findings

Mike Vitali reports that it looks as though FHA is asking for two things for Christmas. 1) For lenders to make loans to borrowers with lower credit scores, and 2) for fewer defects on the loans they make. FHA reviewed 6645 loans in the first quarter and found only 16% were...
08
SEP
2014
Gerry Glavey, Chief Credit Officer for LoanLogics

Gerry Glavey speaking at RMQA

Gerry Glavey speaking at RMQA in Miami. Bringing his  37 years of experience at HUD to a large group here in Miami
08
SEP
2014
Griff Durham, SVP Operations at LoanLogics

QA Update from RMQA Forum Miami

Griff Durham, SVP of Operations, reports from RMQA forum: “Chris Mock, VP of SF Quality Control at Freddie Mac, indicated that Freddie Mac considers an AUS run of more than 15 times with critical data changes as a red flag or high risk loan which will be targeted for...
08
SEP
2014

Update from RMQA Forum

From the MBA RMQA Forum, Gerry Glavey reported: “Steve Spies, VP of Loan Quality for Fannie Mae, discussed the establishment of a target defect rate for lenders. He indicated that, if a lender has a targeted defect rate above 2%, it would be above the average for most...
07
SEP
2014
Gerry Glavey, Chief Credit Officer for LoanLogics

LoanLogics Chief Credit Officer Speaks at MBA RMQA Forum

Gerry Glavey, SVP & Chief Credit Officer, will be on the panel “Mitigating Repurchase, Indemnification, and Rescission Risk” September 8, 2014 1:00 p.m.-2:15 p.m. Grand Ballroom (Second Level)