"Today's lenders are paying many times over for mistakes that may have been out of their control," Bill Cosgrove, MBA chairman, said Monday at the MBA Convention in Las Vegas. "And it's the consumer who pays the ultimate price. It's time for the penalty phase to end."
Five years after the financial crisis, Bill Cosgrove, CEO of Union Home Mortgage, explained that once America made it through the financial crisis, it vowed to never go back to that same type of risky lending.
Ohio governor Ted Strickland on Monday announced non-binding agreements with nine key mortgage servicers over their loss mitigation efforts, touting the pact as a "historic day in the state of Ohio."
The Dayton Daily News, which originally reported on the agreements, said that Strickland was joined by Ohio Mortgage Bankers Association president Bill Cosgrove in announcing the new pacts between the state and key servicers.
From the report:
Wow! That was our reaction to the response we received for this year’s HW TECH100 call for nominations. This year, more than 250 companies submitted a nomination, and we’re grateful for the interest in our efforts with this unique program..
In the tech world a “stack” refers to all the elements of something. For the mortgage industry, the idea of the single stack is that one platform (digital, automated and based in the cloud) can either meet all of the functional requirements involved in assembling a mortgage, or can serve as an efficient moderator for the process via open APIs (application programming interface), which are now taking off within the mortgage industry. Read More
Nothing reeks of hypocrisy more than the regulator ignoring regulations, but the CFPB has racked up plenty of violations in the last year. And we’re not talking about small, nitpicky examples, but instances that have real-life consequences. If a lender or servicer were to violate any of these standards, they could expect swift and harsh punishment from the CFPB. Read More