The fallout from Wells Fargo's fake account fiasco is far from over, as the bank announced late Tuesday that it reached a $110 million settlement in a class action lawsuit brought on behalf of the bank’s customers who had a fake account opened in their name. Click the headline to read more about the settlement.
HousingWire’s HOA Symposium is a FREE opportunity for servicers and investors to gain insight and speak directly to key program and policymakers along with ratings agencies in regards to understanding expectations and implementation of HOA servicing guidelines and HOA risk management.
Attendees will learn:
The prevalence and upward trajectory of HOAs in the US
The financial risk (i.e. losing first lien) to servicers and investors
Investor and servicer guidelines that pertain to HOA risks
What processes and risk mitigation strategies are needed to fulfill guidelines
HOA Account Reconciliation – tabulating HOA account payoff for short sales, post-foreclosure and deed-in-lieu, and identifying how much servicers/investors have to pay vs. what they are initially invoiced
HOA risk as a new component for servicer
The need for a centralized HOA database and standardized data exchange practices
The need for proactive HOA account monitoring post loan origination
Registration is free, but your RSVP is requested as soon as possible: space at the HOA Symposium is limited to the first 150 qualified industry professionals to RSVP for this special event.
The mortgage industry is leveraging technology like never before, streamlining processes across the spectrum of lending, servicing, investing and real estate. The combination of regulatory pressure and consumer expectations have set a high standard for efficiency and transparency, requiring a significant investment of time, money and talent to hit the right notes for both.
Ironically, the monkey on the mortgage industry’s back for the past 10 years — increasing regulation — is the very thing that forced companies to find efficiencies in every part of the process, which serves them well as they look to engage tech-savvy consumers. Even as the enforcement of some of those regulations is now in question, the long-lasting benefits of investing in automation will stand.
Mortgage banks have traditionally been slow to embrace new technologies, and while the technology that has improved efficiency, security and customer experience in a multitude of other industries (transportation, education and retail, to name a few) is finding its way into the loan production process, a lot of opportunity still exists in other stages of the mortgage life cycle.