With so many rules, it must be hard for regulators and financial firms to keep things straight, which is why a good compliance person is becoming worth every penny spent on their salaries and the boxes of coffee that must be acquired to keep them awake during the day.
My favorite take on the subject comes this week from the Rob Chrisman report. Everyone knows compliance is a hot topic right now, and if you can help mortgage servicers and lenders comply with all the new rules, you're...
Today at HW, we're pleased to announce two new tools available on the site. We've come to learn that many readers rely on us for market data: so we're starting out by offering two new data services that represent a very small start towards meeting this demand.
The first is a really neat neighborhood data tool that lets you drill into data on specific neighborhoods across the U.S., or based on your...
The latest from Rob Chrisman's Mortgage Daily News:
Want to see how many complaints your competitor is receiving? The CFPB is here for you! Actually, the complaint site is meant to help consumers. Proponents call it wonderful; critics say it is just another step toward Big Brother running society. Regardless of your take, here is how to find the list of consumer complaints...
During the course of foreclosures when parties are discussing or attempting loss mitigation, borrowers submit financial records for lenders and servicers to review.
Sometimes, these records show a borrower’s financial condition to be unhealthy – not due to hardship like loss of job, reduction in income, divorce, medical bills, or funeral expenses – but due to uncontrolled, undisciplined, and/or unnecessary personal discretionary spending.
Review of some financial records...
Peter Wallison with the American Enterprise Institute took time this past week to defend his positions on housing after Jim Carr with the Center for American Progress publicly challenged Mr. Wallison’s opinion on the ‘misleading’ influence of housing groups prior to the 2008 financial crisis.
HousingWire initially reported on Mr. Wallison’s statements to lawmakers earlier this month. In that testimony, he suggested housing advocates' influence on...
Student debt is not just on the rise, but it has a first-class seat on a rocket ship to the moon. And it's leaving behind the notion of first-time homebuying for overburdened post-graduates.
HousingWire has previously covered the significant rise in student debt, but new data from the latest National Consumer Credit Trends from Equifax reports that the...
Last week's testimony by Ed DeMarco, current acting director of the Federal Housing Finance Agency, in front of the House Financial Service Committee touched a nerve with many, many people.
HousingWire reporter Christina Mlynski lead coverage of the events by writing about the protesters and lawmakers who were "firing off questions" to DeMarco. With so...
In recent weeks we have seen a number of articles written about compliance, and about the risks of not following best practices and accepted audit and oversight guidance. Those articles point out, correctly, that the risk of noncompliance is significant, and that servicers are holding you accountable for your supply chain. As a result, there has been a flurry of activity across the industry to respond to new mandates and evolving third-party guidelines. Compliance is arguably more of an...
There are two types of legal questions – those that are solved by bright-line rules created through code or court precedent. And those that linger without set-in stone standards, just waiting for a plaintiff’s attorney to take up the case and head to the courthouse hoping for a favorable ruling and possibly establishing precedent along the way.
In my experience, the mortgage space as of late is dominated by the...
