Articles by Sarah Wheeler

MBA Tech: Here are the biggest cybersecurity threats to mortgage companies right now

Ransomware and wire fraud are low-hanging fruit for criminals
Cybersecurity experts on several panels at the MBA Tech conference in Detroit on Monday outlined the greatest risks the mortgage industry is facing right now and what companies can do to prepare. Among the worst things that could happen? A ransomware attack. This extortion scheme has morphed in recent years, with individuals or companies offering ransomware-as-a-service, which puts another layer of criminality between you and your data.
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From HW Magazine

How mortgage companies are capitalizing on their greatest asset: big data

APIs have changed the game
The evolution from a paper-based process to this era of big data is astounding. Consider that according to IBM, 90% of the world’s data has been created in the last two years. The Internet of Things — your thermostat, refrigerator, even your kid’s Barbie doll — is increasing that data exponentially. For mortgage companies, that data represents a treasure trove more valuable than the gold bars stacked in the vault at the New York Federal Reserve Bank, but only if they can figure out how to harness it for their specific business. Fortunately, scores of fintech companies are ready to help.
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Why consumer protection regulation is necessary — but often useless

The TRID rule is a perfect example of good intentions colliding with reality
The TILA-RESPA Integrated Disclosure rule was conceived as part of the CFPB’s noble goal of giving consumers information about their total loan costs before they signed documents that bound them in a 30-year contract. But for all the good intentions behind this rule, it’s just not practical. Like me, most homeowners are shopping lenders before they even know their property address, so what they are comparing are pre-qualifications or pre-approvals, not loan estimates.
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How do you pick the right technology vendor?

Lenders discuss the challenges of integration and adoption
If consumers feel like getting a mortgage is akin to going to the dentist, lenders feel like implementing a new tech solution is the equivalent of going to an oral surgeon. During a small breakfast meeting at the Ellie Mae Experience conference in Las Vegas this week, HousingWire's Sarah Wheeler sat down with a group of lenders and vendors to talk about emerging tech trends. But in addition to the trends they discussed, another issue emerged: just how difficult it is to choose a technology vendor.
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Despite what some lenders think, it's a bad time to get lax on compliance

Experts at Ellie Mae Experience warn about growing risk
President Donald Trump has made eliminating regulations a top priority of his administration and has tried to limit the reach of one of the chief mortgage regulators — the Consumer Financial Protection Bureau. But lenders who interpret that to mean they can relax their compliance efforts are sadly mistaken, according to several panels of experts at the Ellie Mae Encompass conference in Las Vegas.
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From HW Magazine

On thin ice: expanded HMDA reporting represents new risks for lenders

New fields and more uncertainty make compliance tricky
Compared to the sound and fury surrounding TRID, when it seemed every other conversation or article was counting down the days until the deadline, the industry’s anticipation and preparation for HMDA changes seems eerily calm. It’s possible that after a decade of adjusting to multiple business-changing regulations, lenders and other mortgage companies have become adept at incorporating new requirements into their processes. It’s also possible they have compliance fatigue. Either way, the updated HMDA reporting requirements represent a new set of risks that lenders need to pay attention to.
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Here's what the new CFPB director should change

These three areas are critical to the bureau's mission
Richard Cordray is officially out at the CFPB, and although the bureau and the White House are battling it out over who gets to name the interim director, a change in direction is all but assured. Whoever takes the helm at the bureau should use the opportunity to correct some of the most onerous practices at the regulator. Here are three critical steps.
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First Community Mortgage raises $60,000 in charity golf tournament

Tennessee lender rallies 32 sponsors to support children's charities, domestic violence center
First Community Mortgage raised more than $60,000 for local charities at the recent Tyler Morrissey Golf Tournament in Murfreesboro, Tennessee. The charities benefiting from the tournament include Christmas for the Children, Baylor Bramble Family, a domestic violence center, Court Appointed Special Advocates and FCM Cares/JC Gordon Memorial Scholarship.
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Servicers: We've got your answers on disposition strategy

Find out how our hosted white papers can help
While overall U.S. foreclosures were down 20% in the second quarter compared to last year, 13% of metro areas saw an increase in foreclosures this year, including Houston, Oklahoma City, and Hartford, Connecticut — all up by double digits. If you’re a servicer, the potential for increased foreclosures could catch you flat-footed. Luckily, HousingWire has you covered.
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