Fraud has always been a problem for mortgage lenders, but now it’s starting to really get interesting, and expensive. With the home mortgage market turning from refi’s to purchases, rates rising and a housing shortage along comes an increase in loan defects, fraud, and misrepresentations. In the past, instances of fraud mainly centered on the consumer trying to get away…
For MERS members, April brings the notification from MERS identifying the number of your MINS on the MERS® System, when the member is named as servicer as of March 31st. Here are some of the important numbers to remember. If your organization was identified as the servicer on less than 1000 MINS as of March 31st, you are required to…
Excuse me if I take a little detour from business to congratulate my hometown Eagles for winning what may be considered the biggest game in their storied franchise history; the Super Bowl. I can finally say the Philadelphia Eagles are World Champions. What a team, what a game, one off my bucket list. It just goes to show what careful…
More lenders are realizing that HMDA data can be a benefit in identifying new markets and paths to increase business in present markets. It will also help to identify competitors doing business in the same markets and the products and communities they serve. With new data being collected, this information will become even more valuable. Lenders who pay attention to…
They say that anyone who represents themselves in court has a fool for a client. I am not calling any lender a fool. But, there are situations that require an expert in order to achieve the desired result. Even with all of the recent changes in the GSE Representation and Warranty framework and HUD’s Indemnification Policy, lenders still have uncertainty…
In the military, the expression “Got your 6” means that someone on your team is watching your back. The saying originated with US fighter pilots during the First World War, meaning to cover the rear of another’s airplane when in battle. Over time this phrase has come to be used by many when referencing protection of someone’s back side. When…
