13
OCT
2017
digital-mortgage-fraud-transactions

Mortgage Fraud in the New Digital Age

It’s estimated that in 2016, almost $20 million in wire transfers, like down payments and settlement funds, from bona fide real estate sale transactions were diverted to criminal’s bank accounts. This was accomplished by manipulating legitimate email accounts. How much more may...
12
OCT
2017
virtual-assistants-loan-originators-mortgage-siri-alexa-cortana

Want a Mortgage? Just Ask

Companies and consumers are increasing their use of voice-activated virtual assistants. Most companies today have interactive call answering systems that will guide a caller to their desired destination or provide static data. Banks offer services for their customers to call in...
11
OCT
2017
home-builders-consider-pros-cons-home-mortgage-interest-rate-deduction

A Change of Heart on Mortgage Interest Deduction

For as long as we can remember, everyone involved in home building, selling, and financing have strongly supported the home mortgage interest tax deduction. People financing their home could reduce their federal income tax by a large amount, if not all, of the interest they paid...
10
OCT
2017
CFPB-independent-non-bank-lenders-seek-exemption

CFPB, Let My People Go

As independent non-bank lenders take the lead away from traditional banks in originating new mortgage business, they also want to be excluded from direct CFPB supervision. They are not the only ones. Small to mid-size non-bank mortgage lenders, like some community banks and...
09
OCT
2017
false-claims-act-see-hear-speak-no-evil-monkeys-doj-

Are You Safe From an FCA Action?

Ask lenders – and just about all will tell you they do their business the right way. If so, they shouldn’t need to worry about any action from the Department of Justice (DOJ) under the False Claims Act (FCA). Right? With everyone supposedly doing business the right way, why...
06
OCT
2017
with-great-power-comes-great-responsibility-non-bank-lenders-number one

And It’s Non-Bank Lenders By a Nose

It’s official (as if we didn’t know), according to the 2016 HMDA data, non-bank lenders made more mortgage loans than their bank counterparts. For the first time since way back in 1995, the non-depository lending institutions closed more purchase and refinance mortgage loan...
05
OCT
2017
irs-data-vault-verify-income-employment

IRS To Validate Income and Identity?

What do Equifax and the IRS have in common? They both house tons of consumer personal data. Equifax got hacked. Could the same happen to the IRS? Some regulators are saying no and pushing for the IRS to get more heavily involved in the data verification game. Rep. Patrick McHenry...
04
OCT
2017
millennials-are-number-one-1-home-buyers

Millennials Top the List of Current Homebuyers

We knew it would happen sooner or later and so it has. The Millennial generation, the single largest group of current consumers, is finally looking to buy a home. In fact, in the past 12 months, Millennials have topped the list of home buyers. It’s time for this generation to...
03
OCT
2017
day-1-certaintiy-reverification-up-to-lender-fannie-mae

Are Reverifications Required Under D1C?

It seems like a simple question. According to Fannie Mae Quality Control guidelines, a lender need not reverify or recalculate, as applicable, information that is validated by Fannie’s Desktop Underwriter (DU), under their Day 1 Certainty Program. This includes the qualifying...
02
OCT
2017
online-mortgage-applications-millennials-baby-boomers-genx

It’s Not Only Millennials Who Want Online Access

If you’ve been following my blog, you know that I believe mortgage loans will be a little tougher to come by in 2018. I know, I’m not the only one. Lenders need to find new and better ways to attract consumers and acquire their business. Much of the talk has centered on what is...