I hope by now everybody knows or should know, that CFPB has increased the reporting requirements for data under the Home Mortgage Disclosure Act (HMDA). Even some people outside of our mortgage lending arena have asked me about it. Go figure. Effective with loan action dates in 2018, lenders need to report 48 loan data elements to CFPB for each…
Social media has exploded in the last few years. Today, people have more ways to communicate through more channels, instantaneously. The speed of information, we see it everywhere; online pictures and videos of events; all news, all the time, in real time, as it happens. Pretty cool stuff, eh? For a company, social media can be a boon or a…
With the recent hacks of Equifax, Google, Target, and other major companies, everyone is becoming much more concerned about information security (InfoSec). It’s no different in mortgage lending. Lenders need to protect the vast amounts of a consumer’s non-public personal information (NPPI) that they collect during a loan process. It’s not easy when so much of the lending process is…
I read an article in the newspaper the other day and yes, I still read the newspaper, which provided some tips to homebuyers for finding a good mortgage lender. Some were obvious. But, I thought I’d give you the information as this is what is being provided to consumers to help them choose their lender. Compare lenders, their products, and…
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…
As you should know by now, the Senate voted to roll back the CFPB’s rule banning arbitration clauses in loan documents. It was very close and needing a simple majority required the vote of the Vice President to break a tie. That is quite telling in itself. The Senate vote means that lenders can require a consumer to submit to binding…
