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HW Magazine

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July 2018

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Threat multiplier: states mobilize to defend consumer protections

Mortgage companies face increased compliance risks
In the days following the 2016 election, business leaders across many industries were hopeful that the new president would make good on his promise of widespread deregulation. Banks and other financial institutions were especially optimistic. Here at last was the relief they had been looking for. Or not.
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Feature Stories

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Are we seeing the return of subprime?

A new crop of non-prime loans avoid the risk layering seen in the foreclosure crisis
Even Hollywood knows better than to produce a sequel when the original movie is truly, horrifically bad. That’s why, thankfully, we haven’t seen sequels to such all-time cinematic disasters as Howard the Duck, Gigli, The Last Airbender, Jack and Jill, Glitter, or Battlefield Earth. Which brings us, in an admittedly roundabout way, to the question of whether we’re about to see a sequel of sorts in the mortgage industry: The Return of the Subprime Loan.
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From HW Magazine

Here's how appraisers can succeed in the middle of disruption

Making friends with automation
In the midst of changing technology and the rise of the digital mortgage, valuation tools have become a key topic as lenders and buyers push for a faster home-buying process. Some appraisers, however, are struggling with where they fit. When navigating this new landscape, appraisers and valuation technology providers have to keep in mind the evolving needs of consumers balanced against the safety of the housing finance market.
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DocMagic delivers an automated compliance solution for the long term

Provides data validation checks and audits throughout the entire mortgage process
Electronic document generation coupled with automated compliance is key to delivering a verifiable service protecting all parties in the mortgage process. Providing a scalable and adaptable set of tools, DocMagic’s automated compliance solution allows lenders to respond quickly and easily to shifting regulatory requirements. 
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From HW Magazine

Ellie Mae’s Policy and Education Manager ensures seamless compliance

Providing a central location for education and information
The Policy and Education Manager contains two options for total compliance. The essentials package provides education and verification for mortgage-related federal consumer financial laws and regulations outlined in the CFPB Examination Guide. The premium package provides all the comprehensive mortgage-related learning and validation included with the essentials package, plus increased flexibility and customization capabilities. 
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From HW Magazine

Vendorly platform reduces third-party vendor risk

Efficiently manages due diligence, document maintenance, monitoring and audits
Financial institutions need a comprehensive solution to help manage and maintain vendor compliance. Altisource’s external-facing, SaaS-based oversight platform, Vendorly, is specifically designed so financial institutions can easily and efficiently manage even a large number of third-party companies.
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Commentary

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From HW Magazine

Housing finance's evolving policy landscape

A look ahead at what FHFA and others are prioritizing
With FHFA director Mel Watt’s term due to expire in January 2019, the question of whether to move ahead on some version of administrative reform may rest with his successor. In the meantime, policy makers would be well-served to work together to come to some agreement on options for administrative reform. At a minimum, agreeing on a common definition would be a good first step.
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From HW Magazine

Providing education for first-time homebuyers is essential

Mortgage insurance can help with cost concerns
First-time homebuyers are a significant segment of the real estate market, making up 34% of all homebuyers last year. As the market heats up and eyes turn to homeownership, lenders and agents have an opportunity to position themselves as trusted advisors for this segment. Helping to make the dream of homeownership a reality for first-time homebuyers (FTHB) requires understanding of what motivates them, what unique challenges they face, and the resources available to ease the process.
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From HW Magazine

Don't eat CROA

Managing the risks of advising borrowers on how to improve credit scores
Regulatory compliance in mortgage banking has always been a challenge for lenders and servicers. Yet, today’s volatile environment may prove to be the most demanding in modern times especially when examining activities touching a consumer. And, like walking a tight rope in a hurricane, how does a company balance prudent and proactive regulatory compliance with the need for creative marketing and consumer outreach in originating residential mortgages?
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From HW Magazine

The 8 levers of employee engagement

How leaders can help motivate their teams to make significant impact
Leaders, are you looking to increase the performance of your salesforce and shift the production curve in your organization? If you’re a leader in the mortgage industry, I can answer that question for you — of course you are! A study from the Corporate Leadership Council, a leading provider of insight and research that helps companies around the world lead their teams toward success, shows that an employee’s performance is directly correlated to how engaged they are with their company.
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From HW Magazine

Leveraging technology to improve the accuracy of HMDA data

Systematic data integrity reviews can help manage risk
Ensuring the accuracy of Home Mortgage Disclosure Act data has always been a challenge. Even with the changes from the recently enacted Economic Growth, Regulatory Relief, and Consumer Protection Act that exempts small volume depository institutions and credit unions from certain reporting requirements, the challenges for 2018 will be even greater.
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