With the increase of FinTech, technology to support financial service operations, comes RegTech, the technology to address and monitor regulatory compliance. Today, we have the makings of digital mortgages, consisting of online applications, verifications, approvals and closing; the paperless, virtual mortgage. FinTech companies and processes were created to enhance the consumer experience while improving their communication and engagement with financial…
I guess it took some strong lobbying. But, now two Congressman, Rep. French Hill, (R/AK) and Ruben Kihuen (D/NV) want to improve upon how title insurance premium costs are disclosed under TRID. This has been a sticking point with lenders and title companies since the TRID rules were finalized. It was not addressed in the most recent TRID updates. Rep.…
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 have been lost from other types of mortgage fraud? Although mortgage fraud is reportedly down, as the real…
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 and get account balance information, stop payment on checks, check for charges and payments made on credit cards, and…
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 on their mortgage loan during the year. This is considered a good thing for…
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 credit unions with assets under $10 billion, are seeking exclusion from CFPB audits and enforcement actions. A…
