An ongoing court case in Ohio, dealing with a claim of wrongful termination, offers some insights into a couple of important lessons a lender may learn. A processor working for Lenders Processing Services, Inc., (LPS) reported what she believed to be contract violations on how LPS is handling loans for JP Morgan Chase. Subsequently, she was fired for other reasons…
Shockingly, a recent survey, done by Capsilon Corp, a company providing cloud-based document sharing, imaging and collaboration for business, reveals that a large number of mortgage lenders may not be fully prepared to implement the required TRID changes (Survey). Time is running out for these lenders.To date, the CFPB has made it clear that they do not intend to grant…
This one is short and to the point. There are other laws governing mortgage lender’s activity besides the much talked about and referenced TILA and RESPA. Under the SAFE Act, loan originators working for independent mortgage lenders (non-banks) must be licensed and also must complete a certain number of hours each year in continuing education. States in which the Loan…
Normally, my colleague Gerry Glavey covers areas of credit and government underwriting, being an expert in these areas. However, in this case, I’m weighing in on a some important upcoming FHA changes. Don’t look now but with all the attention being given to the upcoming TRID changes, just over the horizon, in plain sight, some very important things are happening…
As it was said to a young Peter Parker (aka Spiderman) by his Uncle Ben. This is now so true when it comes to non-bank lenders increasing their share of FHA loan originations. Did you know it is believed that this quote actually dates back to Voltaire? A variation dates back to Jesus Christ (Luke 12:48), “To those who much…
Just a reminder, as if you need it, the new TRID rules become effective with loan apps taken as of August 1, 2015. Besides the two new disclosures that everyone is preparing for, there is another big change. With an application, you need to provide the consumer with a new settlement cost booklet (New Booklet). Like the HUD-1, the current…
