According to the Office of the Comptroller of the Currency (OCC), borrowers are doing a much better job of keeping their mortgages current and staying away from foreclosure. That’s great news for the banks that participated in the OCC survey and that service these loans. The report also indicates that foreclosures have declined in the past year by about 1.6%.…
Once again we witness how important it is to do a quality check before going live. Just ask Mariah Carey who was all dressed up (or not) on New Year’s Eve with nowhere to go. She was totally embarrassed and mortified by a poor performance resulting from problems she encountered with the soundtrack and systems for the songs she was…
Fannie Mae introduced their new Day 1 Certainty program for relief from the reps and warrants related to the verification and reverification of employment, income, and assets. Good news for lenders. To obtain the relief, lenders need to validate information through Fannie approved vendors. At present those are limited to; The Work Number for employment and income Equifax for tax…
UBS Real Estate Securities suffered a major setback recently when US District Judge, Kevin Castel, ruled on a breach of warranties by UBS in connection with securities backed by loans sold to U.S. Bank. In the suit, US Bank, acting as trustee, is suing UBS for damages of more than $2 billion (Defective Loans). That could have paid for quite…
In the interests of time, expense and competition, FHA and Private MI companies offered lenders a delegated process for loan insuring. This was great for everyone until the spit hit the fan in 2007. All of a sudden, these loan insurers were carefully reviewing every detail of each defaulted loan to identify any possibility of a lender’s failure to strictly…
A Stratmore Group study released in March of this year reported that as the direct result of new TRID rules compliance costs increased $210 per loan. The report also indicated the increase was mainly attributable to an increase in staff. So, why the need for more staff when an investment in technology might do the trick? The preparation of the…
