(Excerpt from MarketLogics 5/5/15) It is amazing how mortgage banking is so entrepreneurial, compared to the lack of innovation from the other industries that are government-regulated utilities. Think about airlines. How many think that the airline industry is making too much money today? It was a utility. It became a for-profit business that could not control costs until after a…
Now, here’s the other side. The DOJ has filed suit against Quicken loans for the improper origination of FHA-insured loans (Return Fire). DOJ alleges that Quicken was somewhat remiss in their underwriting and approval of the FHA loans in question. The battle lines are drawn. Quicken says they didn’t do anything wrong. DOJ says they made hundreds of FHA loans…
You may know him better from the reality TV show on Bravo, “Real Housewives of New Jersey”, but Jim Marchese, a mortgage lender, is a real live whistle-blower. You can’t make this stuff up! Mr. Marchese blew the whistle not once but twice, on two different companies, and received substantial rewards to the tune of about $18 million (Whistle-blower). Read…
Have you heard about the one where the lender sues the government for false accusations? Who says you can’t fight city hall? One lender, Quicken Loans is fighting back against claims made by the DOJ (False Claims). Quicken, one of the nation’s largest originators of FHA insured loans, has decided it has had enough and isn’t going to take the…
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…
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…
