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April 2015

From HW Magazine

MERS upheld

CEO: The future is binary
Jacob Gaffney
"If you look at what we do, fundamentally, MERS is the mortgagee on behalf of the investor and its assigns, it’s not a whole lot more complicated than that. And that role as an agent is well rooted in the laws of this country. So when you get down to it, and when we get challenged, we typically prevail. We simply take away all the clutter and present what we do, and what the laws actually say, and we get there," MERS CEO Beckmann said in an exclusive profile only in HousingWire magazine.
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From HW Magazine

Avoiding RESPA kickback violations in the social media age

Beware of penalties from referring business
Debbie Hoffman
The CFPB is currently paying close attention to the individuals/small players, as well as the larger institutional mortgage companies. With respect to the small players, the CFPB is looking at the loan officer, real estate agent and developer. A common violation that these smaller firms or individuals commit, in addition to possible violations resulting from social media posts, stems from agreements among themselves.
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From HW Magazine

TILA-RESPA: Tick, tick, boom

As the clock counts down to TILA-RESPA implementation, title, closing and settlement services step into the line of fire
Sarah Wheeler
“We fear many lenders and title agents have been preconditioned by history to believe these changes are simply form changes, will be reversed, or the date will be moved — let alone implement an actual solution,” said Mark McElroy, president and CEO of Pavaso.
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From HW Magazine

Ocwen's terrible, horrible, no good, very bad year

How 2014 rocked Ocwen Financial to its core
Ben Lane
“The existence and pervasiveness of these issues raise critical questions about Ocwen’s ability to perform its core function of servicing loans.” Lawsky said in the letter that in light of these serious issues and the likelihood that thousands of new, inaccurate records are created with each passing day, Ocwen has not approached this problem with the urgency it demands.
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From HW Magazine

Company Spotlight: ClosingCorp

Adapting quickly to customer feedback results in explosive growth for solution provider
“The fact that ClosingCorp owns and operates the nation’s largest database of actual closing costs from nearly 20,000 service providers, gives lenders an edge, because they can quote accurately and quickly using automation. It also gives title and real estate professionals a competitive edge to market and win new business,” Benson said.
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From HW Magazine

Interview: Jennifer Miller of Mercury Network

Finding part of Silicon Valley in Oklahoma City
“A lot of people my age, they got into computers and then became hackers. It was never like that for me — it was more of a study, where I would just kind of learn from books.” Jennifer’s interest in math and computer science would prove to be the driving force for the rest of her life; she just didn’t know it yet.
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From HW Magazine

High-tech demand: How far behind is the mortgage industry?

Consumers want an easier, tech-assisted process
“Though I hear them repeatedly, today’s remarks made me say yet again, ‘Are you kidding me?!’ The mortgage industry is so far behind in meeting the consumer’s demand for technology, and it appears that there are very few who care. For some to state that technology will simply ‘weed out weak originators’ is reflective of how disconnected the industry really is from technology and the demand of their consumers."
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From HW Magazine

Hot Seat: Garrett Clayton of AmCap Mortgage

Keeping the right balance between technology and personnel
With more and more borrowers wanting to use smartphones and/or tablets to complete their loan applications, we’ve developed a software that enables an easy and safe way for our borrowers to submit their application while on the go. Although leveraging technology as a whole plays a large part in satisfying borrowers’ needs, there is no replacement for quality loan originators effectively communicating with AmCap’s borrowers.
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From HW Magazine

Dodd-Frank fails again

Standard & Poor's shocking mortgage bond fraud
Jacob Gaffney
Ladies and gentlemen, it’s been some time since the mortgage bond world felt shaken to the core. But shaken, right now, it feels, according to several recent conversations I’ve had on the subject.
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From HW Magazine

Programming for Integrated Disclosures

The challenges of drawing compliant, defensible mortgage documentation by Aug. 1
Jonathan Herman
Advancing to the end of the mortgage process and beyond closing, both the Loan Estimate and Closing Disclosure must be compliant (and defensible) to the end investor. Given the ambiguities within so many of the rules applicable to both forms, it is important to have a way to defend the programming logic used to define the output.
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