|
News By Edition
|
Dodd Frank Update Monthly Edition
Dodd Frank Update December 2016
|
|
Dodd-Frank and the Trump administration: What’s really going to change?
Posted Date: Wednesday, November 23, 2016
The proposition that the incoming government administration, headed by president-elect Donald Trump, will bring major changes to the Dodd-Frank Act has many wondering what changes they truly can anticipate in 2017.
Thomas Hefferon, partner and co-chair of Goodwin’s Financial Industry Practice, and Jennifer Gray, co-chair of Greenberg Traurig’s Financial Services Litigation Group, spoke to Dodd Frank Update about what shifts in the regulatory landscape they expect to see after the new administration takes office.
Read on to find out what both experts had to say.
|
|
|
Summing up the Financial Choice Act: Regulators
Posted Date: Friday, November 18, 2016
With the coming of a new administration led by president-elect Donald Trump, whose transition team has said he plans to “dismantle” the Dodd-Frank Act, legislation put forth by Rep. Jeb Hensarling, H.R. 5983, also known as “the Financial Choice Act” (FCA), is front and center on the national stage.
FCA, which the House of Representatives passed in September, proposes to repeal or amend numerous portions of Dodd-Frank. The first of our two-part series addresses the Consumer Financial Protection Bureau and general regulatory reform.
Read on for more details.
|
|
|
Financial Choice Act, part 2: Banking reform
Posted Date: Tuesday, November 22, 2016
With the coming of a new administration led by president-elect Donald Trump, whose transition team has said he plans to “dismantle” the Dodd-Frank Act, legislation put forth by Rep. Jeb Hensarling, H.R. 5983, also known as “the Financial Choice Act” (FCA), is front and center on the national stage.
FCA, which the House of Representatives passed in September, proposes to repeal or amend numerous portions of Dodd-Frank. The second of our two-part series addresses the changes that would be made to directly affect banks, including regulatory relief, a new plan to liquidate the largest banks, and changes to proprietary trading standards enacted in the Dodd-Frank Act.
Read on for more details.
|
|
|
Senators respond to talk of ‘dismantle’
Posted Date: Tuesday, November 15, 2016
One of the first things that president-elect Donald Trump’s transition team highlighted was its desire to “dismantle” the Dodd-Frank Act. Although it did not say how it planned to go about doing so in a post on the transition team’s website, Democratic senators responded quickly.
Sen. Elizabeth Warren and Sen. Sherrod Brown, both members of the Senate Banking Committee, said they would work to ensure the Dodd-Frank Act would remain intact.
With Congress back in session this week for the first time since September, read on for details of how the senators hope to secure the survival of the Dodd-Frank Act.
|
|
|
Legislators oppose Dodd-Frank reforms in riders
Posted Date: Friday, November 18, 2016
Sen. Sherrod Brown (D-Ohio) and Rep. Maxine Waters (D-Calif.) urged Senate and House leaders to reject any attempts to use “must-pass” legislation to repeal, weaken or delay financial reforms and consumer protections in a recent letter addressed to Majority Leader Mitch McConnell, Minority Leader Harry Reid, Speaker Paul Ryan and Minority Leader Nancy Pelosi.
The congressional leaders got some support in their argument from New York Federal Reserve President William Dudley.
Read on to find out what provisions the legislators cited.
|
|
|
Effect of Trump on CFPB, Dodd-Frank
Posted Date: Wednesday, November 9, 2016
As morning broke Wednesday following the most surprising presidential race since Dewey did not defeat Truman, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray was faced with the real possibility that his tenure as head of the CFPB could be over after the Jan. 20 inauguration.
Such is some of the immediate impact of the stunning Republican sweep of federal elections Tuesday night, with the party claiming the White House and majorities in both the Senate and House of Republicans.
What does it all mean for the CFPB, and for other regulatory agencies? Read on for the details and first reactions.
|
|
|
CFPB letter warns of HMDA reporting violations
Posted Date: Thursday, October 27, 2016
The Consumer Financial Protection Bureau announced it sent letters to mortgage lenders and brokers telling them that they might be in violation of Home Mortgage Disclosure Act filing requirements.
Although the letter says the bureau “has not made a determination” whether the company is in violation of reporting requirements, it urges them “to review your practices to ensure that you comply with all relevant laws.”
The identities of the 44 companies were not disclosed. Read on for more details.
|
|
|
Cordray: RESPA enforcement, same as it ever was
Posted Date: Tuesday, October 25, 2016
Consumer Financial Protection Bureau Director Richard
Cordray addressed the Mortgage Bankers Association at its annual convention in
Boston.
Cordray spoke of mortgage regulations, compliance costs,
servicing challenges and expectations, and a focus on red-lining.
At the end, he addressed the recent ruling in the PHH case
and what it means for the bureau’s oversight of RESPA. Read on for the details.
|
|
|
Cordray tells MBA bureau expects more from industry
Posted Date: Friday, November 4, 2016
A year after sending shockwaves through the mortgage industry by targeting vendors who were performing “poorly,” Consumer Financial Protection Bureau Director Richard Cordray returned to the stage at the Mortgage Bankers Association annual convention with a carrot for the audience.
It was quickly followed by a large stick.
In a speech that lasted 20 minutes and stuck closely to prepared remarks, Cordray told the audience what the CFPB’s expectations were for servicing compliance, fair lending practices, and consumer complaint management. And they weren’t always what previous standards for the CFPB have been. Read on for the details.
|
|
|
Digging into weeds on Day 1 Certainty
Posted Date: Friday, November 11, 2016
Fannie Mae made a splash at the Mortgage Bankers Association annual convention by announcing its Day 1 Certainty program.
The program will free lenders from representations and warranties on certain services when using Desktop Underwriter and Collateral Underwriter, in concert with products offered by Equifax and FormFree.
The three partners discussed details of their offerings, what the program does – and doesn’t – protect against, and what it means for lenders going forward. Read on for the real details on Day 1 Certainty.
|
|
|
Fannie program frees lenders from reps, warranties
Posted Date: Tuesday, October 25, 2016
The biggest news coming from the Mortgage Bankers
Association’s annual convention in Boston might have been among its earliest,
as Fannie Mae President and CEO Timothy Mayopolous announced the launch of the
Day 1 Certainty program.
The program will free lenders from reps and warranties on
loans sold to Fannie Mae, with some of the program available today and the rest
launching Dec. 10.
As part of Day 1 Certainty, Fannie Mae is offering income, assets and employment validation services to lenders through Desktop Underwriter, its leading mortgage underwriting system. In a press conference Tuesday, Fannie Mae Director of Strategy and Planning Cindy Keith said partnerships with Equifax would provide the verifications in income and employment through the Work Number product, while FormFree would bring asset verifications products to the table. Read on for the details.
|
|
|
New Wells Fargo CEO apologizes to employees
Posted Date: Thursday, November 3, 2016
Wells Fargo CEO Tim Sloan spoke on behalf of the company’s entire leadership team recently when he apologized to 1,200 employees in Charlotte, N.C., and thousands more watching across the country via webcast for the company’s sales practices.
In a lengthy address, Sloan said the media’s portrayal of the company is “not representative” of its values, and he gave credit to the “vast majority” of Wells employees who have done things the right way.
Read on to learn what he said about rebuilding the company’s reputation.
|
|
|
SEC shuts down phone app for violating Dodd-Frank
Posted Date: Tuesday, November 8, 2016
The New York-based company Forcerank, LLC recently agreed to pay a $50,000 penalty after the Securities and Exchange Commission found that its mobile phone app violated certain aspects of the Dodd-Frank Act.
Described as “fantasy sports for stocks,” the SEC said the app was in conflict with the Securities Act and the Securities Exchange Act.
Read on to learn more about how the company’s app violated Dodd-Frank.
|
|
|
FDIC approves new requirements for insured institutions
Posted Date: Wednesday, November 23, 2016
The Federal Deposit Insurance Corp. (FDIC) recently approved a final rule establishing recordkeeping requirements for FDIC-insured institutions with more than 2 million deposit accounts to ensure customers receive timely payment of insured funds should the institutions fail.
Read on to find out more about the new rule and when it will likely go into effect.
|
|
|
FTC to take a peek into class actions, too
Posted Date: Wednesday, November 23, 2016
The Consumer Financial Protection Bureau has spent years putting together research on arbitration clauses, class-action lawsuits and waivers, in preparing a proposed rule it released in May. But it isn’t the only regulator looking into class action cases.
This month, the Federal Trade Commission decided it wanted a piece of the action as well, announcing it would look into the effectiveness of class-action settlement notice programs. Read on for details of the commission’s actions.
|
|
|
Black Knight: Millions of refis still available
Posted Date: Wednesday, November 23, 2016
Mortgage rates have been unexpected throughout 2016, whether that was a lower-than-usual rate following Brexit or a sharp spike after the elections. But Black Knight Financial Services Senior Vice President of Data and Analytics Division Ben Graboske said millions of borrowers still could benefit from refinancing.
In recent analysis by the firm, they found nearly 9 million borrowers who could benefit from a refinancing, saving an average of $90,000 by going through the process.
Will they? Why haven’t they yet? Read on for our 1-on-1 interview with Graboske.
|
|
|
GAO recommends stress test improvements
Posted Date: Wednesday, November 23, 2016
The U.S. Government Accountability Office recently submitted a report on actions the Federal Reserve can take to improve its two supervisory programs that involve stress testing, including recommendations for executive action affecting the Officer of the Comptroller of the Currency, Federal Deposit Insurance Corp., as well as the Federal Reserve.
The Dodd-Frank Act implements statutory stress tests for Federal Reserve-supervised banking institutions with assets in excess of $10 billion.
Find out what recommendations are included in the report.
|
|
|
CFPB details prepaid complaints in October report
Posted Date: Tuesday, November 22, 2016
The Consumer Financial Protection Bureau’s (CFPB) complaint snapshot for October highlighted approximately 6,000 complaints from consumers experiencing continued issues trying to manage their prepaid accounts and access funds while also highlighting complaint trends in North Carolina and the Charlotte metro area, a region which accounted for 27,600 of the more than 1 million complaints the CFPB handled through the first nine months of 2016.
Read on to find out what products, services and companies elicited the most complaints.
|
|
|
CFPB seeks to shut down illegal debt collection network
Posted Date: Tuesday, November 22, 2016
The Consumer Financial Protection Bureau, in partnership with the New York attorney general, said it is looking to shut down an illegal operation involving a network of companies that allegedly harass, threaten and deceive consumers across the country into paying inflated or falsified debts.
The regulators are charging debt collection companies with violating the bureau’s authority to enforce against unfair, deceptive and abusive acts and practices.
Read on to find out what deceptive practices the three companies involved allegedly engaged in.
|
|
|
Senator questions quality of Wells responses
Posted Date: Tuesday, November 22, 2016
Although the election results have shifted the focus of many in Congress, Sen. Sherrod Brown (D-Ohio) wants to keep pressure on Wells Fargo following the bank’s appearance before the Senate Banking Committee in September.
Brown, the ranking member on the committee, released answers from the bank to questions presented by Senate Democrats following the hearing and criticized Wells for the responses.
Read on for details of what the bank said and why Brown felt many of the responses were inadequate.
|
|
|
Wells gets new orders from OCC
Posted Date: Monday, November 21, 2016
Just more than two months after citing Wells Fargo for safety and soundness concerns stemming from fraud discovered in its sales practices, the Officer of the Comptroller of the Currency has issued stricter rules for the bank.
The move, announced in a statement late Friday, was part of the conditions of the original enforcement action in September.
Read on for details of what the regulator will ask Wells Fargo to do moving forward.
|
|
|
FDIC releases second part of Affordable Mortgage Lending Guide
Posted Date: Friday, November 18, 2016
Community bankers can learn more about grant and mortgage loan programs offered nationwide with the help of The Affordable Mortgage Lending Guide, Part II: State Housing Finance Agencies, recently published by the Federal Deposit Insurance Corporation.
Read on to learn what the second installment of the guide covers.
|
|
|
FHA reports net increase to fund
Posted Date: Wednesday, November 16, 2016
The Federal Housing Administration’s (FHA) Mutual Mortgage Insurance Fund’s capital ratio has increased $3.8 billion in Fiscal Year 2016 and now is valued at $27.6 billion, according to the U.S. Department of Housing and Urban Development’s annual report recently released to Congress, despite a decrease in the Home Equity Conversion Mortgage (HECM) portfolio.
Mortgage Bankers Association President and CEO David Stevens commended FHA’s leadership and weighed in on the HECM losses.
Read on to learn about the implications of the report.
|
|
|
CFPB calls for updated student servicing procedures
Posted Date: Wednesday, November 16, 2016
In the latest edition of its Supervisory Highlights, the Consumer Financial Protection Bureau (CFPB) took time to highlight student loan servicing compliance.
The CFPB found that servicers failed to enroll qualified borrowers in affordable federal loan repayment plans and, as a result, is issuing updated procedures for student loan servicing exams intended to enhance those devised in 2013, based on supervisory and enforcement actions from the past two years.
Read on for more about what updated procedures student loan servicers face.
|
|
|
CFPB report highlights fintech developments
Posted Date: Wednesday, November 16, 2016
The Consumer Financial Protection Bureau (CFPB) recently released its Project Catalyst Report highlighting various market developments, emerging from fintech startups and traditional financial institutions, which could be beneficial to consumers.
Such developments include new products, services and trends, which stakeholders in the project and CFPB have been coordinating with other agencies in addressing.
Read on to learn more about Project Catalyst.
|
|
|
Ellie Mae’s new platform for success
Posted Date: Tuesday, November 15, 2016
The continuing convergence between mortgage lending and technology is changing the way the industry is and will do business, and has caught the eye of federal regulators tasked with overseeing the system.
At the Mortgage Banker Association annual convention in Boston, Ellie Mae unveiled its latest effort to unite lenders and technology with the launch of the Encompass Lending Platform. Executive Vice President, Corporate Strategy Joe Tyrrell sat with Dodd Frank Update at the show to talk about the innovation and what it will mean for the industry.
Read on for details about the program and when key aspects of it will be available.
|
|
|
NCUA seeks comments on portion of FOM rule
Posted Date: Tuesday, November 15, 2016
The National Credit Union Association (NCUA) is seeking comments on its field of membership rule proposing to raise the population cap for well-defined local communities from 2.5 million to 10 million.
Dec. 9 is the deadline for credit unions to submit comments on NCUA’s proposed alternative approaches to FOM issues, according to a press release. The National Association of Federal Credit Unions is seeking members’ input by Nov. 25 regarding the organization’s official comment.
Read on to learn more about the proposed rule.
|
|
|
ABA report shows credit card usage up
Posted Date: Monday, November 14, 2016
The American Bankers Association’s Credit Card Market Monitor for November 2016 indicates that despite a rise in consumer credit card usage in a tight job market, consumers are not “overleveraged” in regards to credit card spending.
The report showed there are more active credit card accounts today than at any time since the Great Recession began.
Read on to learn why there is reason to believe consumers are practicing better fiscal responsibility than in years past.
|
|
|
Wells changing whistleblower practices
Posted Date: Friday, November 11, 2016
Following allegations of retaliation against employees who reported sales abuses on an internal company ethics hotline, Wells Fargo CEO Tim Sloan announced changes in how the company handles whistleblower complaints while addressing approximately 2,000 employees recently in Des Moines, IA.
Read on to learn more about the company’s recent history involving whistleblowers.
|
|
|
NCUA settles one of many pending litigations
Posted Date: Friday, November 11, 2016
Nomura Asset Acceptance Corporation and Nomura Home Equity Loan, Inc. jointly agreed to pay a settlement of more than $3 million to the National Credit Union Administration in response to allegations that the entities sold faulty residential mortgage-backed securities to two corporate credit unions.
Read on to find out more about the case against Nomura and other organizations.
|
|
|
CFPB cites 1-shop pawnbroker for UDAAP
Posted Date: Friday, November 11, 2016
The Consumer Financial Protection Bureau recently filed a federal lawsuit against B&B Pawnbrokers, Inc. for deceiving customers and is seeking to impose penalties on the company and gain restitution for harmed consumers.
Read on to learn more about CFPB’s complaint against the company.
|
|
|
Comptroller addresses prospect of regulating fintechs
Posted Date: Thursday, November 10, 2016
U.S. Comptroller of the Currency Thomas Curry asked an audience of bankers and regulators whether they were ready for their “Uber moment,” in terms of adapting to financial technology, and addressed whether fintech companies should be regulated the same as banks during his speech at the Chatham House City Series Conference on Nov. 3.
Read on to find out where Curry stands on the issue and how fintechs are rapidly changing the financial sector.
|
|
|
FFIEC finalizes revised compliance rating system
Posted Date: Wednesday, November 9, 2016
The Federal Financial
Institutions Examination Council (FFIEC) recently finalized an updated Uniform
Interagency Consumer Compliance Rating System intended to reflect regulatory,
examination, technology, and market changes that have occurred since the
release of the original system.
FFIEC received 17
comments to its proposed rule for the changes, which it considered before
finalizing the updates to the system, including one that questioned whether the
FFIEC should consider consumers harmed only when violations of law took place.
Read on to
find out the FFIEC’s response and what these revisions mean for various
organizations.
|
|
|
Circuit court: CFPB injunction against Morgan Drexen attorneys unclear
Posted Date: Tuesday, November 8, 2016
The Ninth U.S. Circuit Court of Appeals recently filed an appeal stating that the California district court that oversaw the Consumer Financial Protection Bureau’s lawsuit against Morgan Drexen for illegal debt collection and customer deception was not clear in its reasons for binding the defendant’s attorneys to an injunction as non-parties under Federal Rule of Civil Procedure.
The case stems from a lawsuit the CFPB filed in August 2013, citing Morgan Drexen for illegally charging upfront fees for debt settlement and bankruptcy services and deceiving customers.
Read on to learn more about the appeal.
|
|
|
First American continues mortgage solution expansion
Posted Date: Tuesday, November 8, 2016
For more than 125 years, First American has been known as a title company that focused on the closing aspects of a mortgage transaction.
Kevin Wall’s task is to ensure that the industry learns of all the things First American is doing today.
The president of First American Mortgage Solutions sat down with Dodd Frank Update at the Mortgage Bankers Association annual convention to talk about recent acquisitions and the company’s plans for the mortgage industry going forward. Read on to see what Wall had to tell us.
|
|
|
NCUA has support in challenge of ICBA’s lawsuit
Posted Date: Monday, November 7, 2016
The National Credit Union Administration (NCUA) recently filed a memorandum requesting dismissal of the lawsuit filed by the Independent Community Bankers of America (ICBA) challenging NCUA’s final rule in March 2016 that changed the standards for how credit unions make commercial loans.
The Credit Union National Association and the National Association of Federal Credit Unions support NCAU’s move for the case’s dismissal.
Read on to learn more about NCUA’s arguments against ICBA’s lawsuit.
|
|
|
NAR cheers FHA change in condo occupancy requirements
Posted Date: Monday, November 7, 2016
The Federal Housing Administration recently released a Mortgagee Letter announcing it will approve condominium projects with owner-occupancy percentages lower than 50 percent, provided certain conditions are met.
The news was met with positive feedback from the National Association of Realtors, with President Tom Salomone saying, “This is a big win for NAR.”
Read on to learn more about what those conditions are and the reasons behind the modifications.
|
|
|
Wells Fargo raises reserves to cover litigation losses
Posted Date: Friday, November 4, 2016
In anticipation of litigation losses potentially as high as $1.7 billion, Wells Fargo is raising its reserves as lawsuits continue to pile up from numerous governmental and non-governmental parties concerning the company’s business practices.
The Securities and Exchange Commission (SEC) recently joined the list of federal, state, and local agencies conducting formal or informal inquiries, investigations, or examinations of Wells Fargo, including the U.S. Department of Justice and state attorneys general and prosecutors’ offices, as well as congressional committees. CEO Tim Sloan said the company would not abandon cross-sell practices, and Pennsylvania announced it was suspending activity with the bank.
Read on to learn about the company’s updated cross-selling metrics and plans regarding former employees let go “inappropriately.”
|
|
|
Convenience store exec sticks up for Dodd-Frank
Posted Date: Thursday, November 3, 2016
Recently elected National Association for Convenience Stores Chairman
Rahim Budwani is a fan of the impact Dodd-Frank Act has had on the retail
industry, particularly its reforms regarding swipe fees that he feels are
beneficial to the retail stores.
In an op-ed for the Birmingham
Business Journal, titled “Don’t take away debit reform,” Budwani said banks
make more money from a chain of eight convenience stores in Alabama than the
owner of the chain thanks to “transaction fees related to debit card usage.”
Read more about his reasons for opposing the repeal of debit
reform.
|
|
|
New American Funding to implement LoanSphere Loss Mitigation
Posted Date: Wednesday, November 2, 2016
Black Knight Financial Services, Inc. announced that New American Funding, a national mortgage banker, and a client of Black Knight’s industry-leading LoanSphere MSP servicing system, signed a multi-year contract to use Black Knight’s new LoanSphere Loss Mitigation solution.
|
|
|
ABA announces new employee benefit to help repay student loans
Posted Date: Wednesday, November 2, 2016
The American Bankers Association has announced a new benefit to assist its employees with repaying student debt. Beginning in December, ABA will provide each eligible employee up to $1,200 per year toward the payment of student debt, in addition to their current compensation. According to a 2016 report by the Society for Human Resource Management, only 4 percent of employers nationwide offer a student loan repayment benefit.
|
|
|
loanDepot up to fifth largest retail mortgage lender
Posted Date: Wednesday, November 2, 2016
In less than seven years, as a result of loanDepot's rise from the seventh position in 2015 to the fifth, the top five largest retail mortgage lenders, including loanDepot, are Wells Fargo, Quicken Loans, Bank of America, and JP Morgan Chase, according to the most recent Inside Mortgage Finance (IMF) report on the nation's top retail mortgage lenders.
|
|
|
GSEs approve 1-year delay in some UCD compliance
Posted Date: Tuesday, November 1, 2016
The industry asked. The regulators listened.
Fannie Mae and Freddie Mac told the Mortgage Bankers Association that the pair would delay by one year certain requirements for lenders as part of the Uniform Collateral Dataset requirements that take effect in September 2017.
The announcement, which first was made public in a session at the MBA annual conference in Boston, came in response to requests from the lending industry, led by MBA, for a postponement in the effective date. DocMagic Director of eServices Tim Anderson talked with Dodd Frank Update about the effect of the announcment. Read on for details of what he said and learn what industry will get more time with which to comply.
|
|
|
Regulators propose cyberrules for big banks
Posted Date: Tuesday, November 1, 2016
The Federal Deposit Insurance Corporation’s Oct. 19 board meeting marked the opening of a 90-day comment period regarding an Advanced Notice of Proposed Rulemaking memorandum calling for the largest, most interconnected financial institutions in the U.S. to develop “enhanced cyberrisk management standards” intended to reduce their susceptibility to cyberattacks.
There are five categories of standards proposed: cyberrisk governance, cyberrisk management, internal dependency management, external dependency management and incident response cyberresilience and situational awareness. Read on to find out more about these standards proposed.
|
|
|
Lopez stresses technology, diversity, charity
Posted Date: Monday, October 31, 2016
During his speech at the Mortgage Bankers Association annual convention,
Chairman Rodrigo Lopez talked about the need to address a number of issues.
Among those on his list were issues concerning affordable housing,
access to credit, government-sponsored enterprise reform and a balanced
regulatory environment, transformational technology, and achieving meaningful
diversity in the mortgage industry.
Read on to learn more about what Lopez had to say.
|
|
|
MBA elects new board members, hands out awards
Posted Date: Monday, October 31, 2016
The Mortgage Bankers Association Board of Directors welcomed six new members and recognized member companies for their leadership in diversity and inclusion during its annual convention in Boston.
The awards MBA passed out were divided into two categories: organizational diversity and inclusion and market outreach strategies.
|
|
|
OCC announces ‘major information’ breach
Posted Date: Friday, October 28, 2016
The Office of the Comptroller of the Currency (OCC) notified Congress and other federal agencies of a major information security incident.
The incident involves a former employee who reportedly lost information downloaded to thumb drives before his retirement.
The OCC began the review in August 2016 following implementation of a policy preventing employees from downloading information and data to removable media without supervisor approval. Read on for the details.
|
|
|
NCUA finalizes FOM rule, drops two key elements
Posted Date: Friday, October 28, 2016
The National Credit Union Administration (NCUA) voted Oct. 27 to
approve a new Field-of-Membership (FOM) rule that, if implemented, would allow
federal credit unions more options and make credit unions more widely available
to consumers.
NCUA made two key changes from the proposed rule, in response to
comments received after the proposal. The regulator said it would defer action
on those areas as part of an “incremental approach” to changes.
The Independent Community Bankers of America, which is suing NCUA over its member business lending rule and threatened legal action on the FOM rule, strongly opposed NCUA’s FOM changes. Read on for more details.
|
|
|
PCLender releases LOS update
Posted Date: Thursday, October 27, 2016
PCLender, a leading loan origination software system (LOS) provider, has announced the release of its next generation LOS. The new system supports consumer direct, retail, wholesale and correspondent business channels, has a new user interface, and provides many new features such as paperless document management, investor delivery and record archiving.
|
|
|
Freedom Mortgage grows correspondent lending
Posted Date: Thursday, October 27, 2016
Freedom Mortgage Corporation, a privately held, full-service mortgage lender licensed in all 50 states, is seeing a significant boost in its expanded correspondent program. Further gains are expected following the addition of the Ginnie Mae PIT program to Freedom’s co-issue correspondent program, which also includes Fannie Mae and Freddie Mac. Read on for more.
|
|
|
Altisource Origination Services rebrands as Trelix
Posted Date: Thursday, October 27, 2016
Altisource, a leading provider of real estate, mortgage and technology services, announced the rebranding of Altisource Origination Services (AOS) to Trelix. In today’s evolving mortgage industry, the Trelix brand represents a new opportunity to help lenders mitigate risks and reduce costs through customized mortgage fulfillment solutions and the upcoming launch of its proprietary technology. Read on for more.
|
|
|
Velocify says users up 25 percent
Posted Date: Thursday, October 27, 2016
At the MBA Annual Convention & Expo, Velocify announced that the number of overall mortgage users of the company’s sales acceleration platform has increased by 25 percent since the beginning of 2016, amid evidence that growing numbers of lenders are investing in sales technology. Read on for more.
|
|
|
Ellie Mae launches Encompass platform
Posted Date: Thursday, October 27, 2016
Ellie Mae announced the launch of Ellie Mae’s Encompass Lending Platform. The Encompass Lending Platform gives customers, partners and independent software vendors a secure, scalable platform plus a suite of Application Program Interfaces (APIs) and developer resources to enable them to extend Encompass with new functionality, easily integrate Encompass with external systems and data, and build custom applications in the cloud. Read on for more.
|
|
|
Black Knight launches Motivity Anywhere app
Posted Date: Thursday, October 27, 2016
Black Knight Financial Services announced that it launched Motivity Anywhere, a mobile app that enables mortgage lenders to instantly access critical business intelligence on Apple and Android devices. Read on for more.
|
|
|
Survey: REO market evolving
Posted Date: Thursday, October 27, 2016
A new survey from Altisource Portfolio Solutions finds that participants are optimistic that continued low interest rates will encourage homebuying (44 percent) and new financing options from lenders will broaden the buyer pool (39 percent). Read on for more.
|
|
|
OCC creates Office of Innovation
Posted Date: Thursday, October 27, 2016
The Office of the Comptroller of the Currency (OCC) will establish an Office of Innovation, focused on promoting receptiveness to the development and implementation of responsible innovation.
OCC named Beth Knickerbocker acting Chief Innovation Officer of the new office.
Read more about the new office’s mission and reaction from other entities.
|
|
|
Survey says unbanked rates have declined
Posted Date: Tuesday, October 25, 2016
The Federal Deposit Insurance Corp.’s (FDIC) National Survey of Unbanked and Underbanked Households for 2015 reported the lowest U.S. unbanked rate since the survey began in 2009, partnered with the U.S. Census Bureau.
The survey illustrates the benefits of using banks, what banking methods are used by various segments of the population and touches, briefly, on reported reasons as to why some consumers do not use banks. Read on for more about the survey’s findings.
|
|
|
Senators pose questions about Stumpf, Sloan in letter
Posted Date: Tuesday, October 25, 2016
U.S. Senators Elizabeth Warren (D-Mass.) and Bob Menendez (D-N.J.) submitted a letter to the Wells Fargo Board of Directors Oct. 20 outlining their concerns about former Chairman and CEO John Stumpf’s decision to step down and the Board’s selection of Tim Sloan as his replacement in the midst of a scandal involving upwards of 2 million fraudulent accounts. Read more about what questions the letter poses.
|
|
|
Live from MBA: Stevens battling ‘aggressive’ cancer
Posted Date: Tuesday, October 25, 2016
In his annual opening remarks to the Mortgage Bankers
Association’s annual convention, President and CEO David Stevens began with a
personal note, announcing publicly for the first time that he is battling an
“aggressive, but treatable, cancer.”
“Today's challenge is personal to (wife) Mary, me and our
family – but I am attacking this the same way I do everything else. And this
evil disease has a tough challenge ahead, as we intend to win this battle,”
Stevens said.
Read on for more of what the association leader had to say
about housing and politics.
|
|
|
Wells Fargo investigated for criminal identity theft
Posted Date: Friday, October 21, 2016
The California Department of Justice (CDJ) is investigating whether Wells Fargo is guilty of criminal identity theft, marking just the latest in the company’s legal issues resulting from sales practices that included employees using customers’ personal information to sign them up for accounts and other products and services without their consent or knowledge.
A search warrant issued by California Attorney General Kamala Harris on Oct. 5, obtained and published by the LA Times, advises local authorities that they may seize various properties from Wells Fargo on probable cause that “it was used as the means of committing a felony” and “it tends to show that a felony has been committed.”
Read on for more details about the investigation.
|
|
|
MISMO launches new Connect tool
Posted Date: Thursday, October 20, 2016
The Mortgage Industry Standards Maintenance Organization (MISMO) recently launched a new tool called MISMO Connect, which it hopes will improve collaboration and communication in the MISMO community.
The tool is intended to replace SharePoint and Listserv tools and become a central gateway for all MISMO documents and workgroup activities, which the new tool has organized into individual community sites exclusively available to MISMO members so they can easily view meeting times, agendas, announcements and discussions.
|
|
|
Hensarling: CFPB subject to Executive Orders
Posted Date: Thursday, October 20, 2016
Rep. Jeb Hensarling (R-Texas) wrote to Consumer Financial Protection Bureau Director Richard Cordray, saying that because of the recent ruling in the bureau’s case against PHH Corp., the CFPB is an executive agency subject to Executive Orders from the president.
Included in Hensarling’s list are orders requiring agencies to assess all costs and benefits of regulatory alternatives, including the alternative of not regulating, and to ensure meaningful and timely input by tribal officials in rules that would have tribal implications.
Read on for the details.
|
|
|
NY offers guidance in wake of Wells
Posted Date: Thursday, October 20, 2016
The New York State Department of Financial Services has issued new guidance surrounding employee incentive agreements for all state regulated banks.
The guidance comes after the enforcement action levied against Wells Fargo for fraudulent sales practices that resulted in the unauthorized opening of as many as 2 million customer accounts.
Read on for details of what the state expects from financial institutions.
|
|
|
Wells Fargo loses BBB accreditation
Posted Date: Thursday, October 20, 2016
The road to reclaiming consumer trust got harder for Wells Fargo with the loss of its Better Business Bureau (BBB) accreditation.
BBB ratings are based on a number of elements, including a business’s complaint history, the type of business, length of time the business has been operational, use of transparent business practices, ability to honor commitments to the BBB, such as having competency licensing and avoiding government actions, and failing to “appropriately” respond to BBB advertising challenges related to the misuse of the BBB name or marks or “questions about the truthfulness, accuracy or substantiation of advertising claims or compliance with the BBB Code of Advertising.”
|
|
|
2007 letter might have tipped off Stumpf
Posted Date: Tuesday, October 18, 2016
A report from CNNMoney says the group uncovered a 2007 letter addressed to former Wells Fargo CEO John Stumpf which might have tipped him off to fraudulent sales practices later uncovered by regulators and city officials.
Stumpf told Senate and House committees in testimony under oath that the first he learned of the practices was in 2013.
Read on for more details of the report.
|
|
|
Monthly Newsletter |
Cover Story:
|
|