Tag: "mortgage"

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CFPB bank mortgage reporting to Increase – impact on Small Business under review

CFPB bank mortgage reporting to Increase – impact on Small Business under review

CFPB bank mortgage reporting to Increase – impact on Small Business under review The Consumer Financial Protection Bureau announced today it wants to expand the information it collects about mortgages to make it easier for the agency – and the public – to spot discrimination, risky loans and other problems. After the nation was caught […]

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Ohio asks for piece of Chase DOJ settlement to fight blight

Ohio asks for piece of Chase DOJ settlement to fight blight

Ohio should get a piece of JP Morgan Chase mortgage-fraud settlement: editorial Cleveland was shot down on technicalities in its effort to hold predatory lenders accountable for the toxic legacy of foreclosed, blighted and tax-delinquent properties in 2008 lawsuit. But justice may be coming home at last. A diverse coalition of community activists, housing advocates, […]

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“Mortgage Relief” company ordered closed by the FTC

“Mortgage Relief” company ordered closed by the FTC

FTC Shuts Down Prime Legal Plans for Offering Illegal Mortgage Relief Services The South Florida-based defendants in an alleged mortgage relief scam will surrender their assets and be banned permanently from providing mortgage relief and debt relief services to consumers under a settlement with the Federal Trade Commission.  This settlement represents the FTC’s largest judgment […]

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Chase Bank DOJ Settlement – Political Retribution?

Chase Bank DOJ Settlement – Political Retribution?

JPMorgan Gets the Obama Treatment JPMorgan Chase & Co. has reached a tentative agreement with the U.S. Department of Justice (DOJ) to pay a staggering $13 billion fine related to its involvement in questionable mortgage-backed bond sales that contributed to the financial crisis of 2007-2008. Although the settlement represents the largest payout ever by a […]

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QM Rule compliance may Restrict Lending

QM Rule compliance may Restrict Lending

Banks, Mortgage Software Vendors Scramble to Adapt to QM Rule Upcoming regulations designed to improve mortgage underwriting practices are pressuring technology companies to update origination systems and some banks to invest in new mortgage technology services. “Some vendors are more proactive than others regarding new regulations, and the ones that aren’t are losing customers,” says […]

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Mortgage Lending to Slow Further

Mortgage Lending To Slow Further

Wells Fargo cutting 2,300 mortgage jobs Wells Fargo & Co., the biggest U.S. home lender, will eliminate 2,300 jobs in mortgage production because demand for refinancings has slumped and probably will drop more as interest rates rise. In the Twin Cities, 161 employees will lose their jobs, according to Minnesota Public Radio News. Wells Fargo […]

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CFBP Mortgage Rules

CFBP Mortgage Rules – 2/27/13

Consumer Financial Protection Bureau lays out implementation plan for new mortgage rules The Consumer Financial Protection Bureau (CFPB) today announced a plan it will implement over the next year that focuses on the mortgage industry’s compliance with new consumer protections that go into effect in January 2014. “Our plan is to work with the mortgage […]

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Outside Audits Prevent FTC Fines

Outside Audits Prevent FTC Fines – 2/7/13

Path Settles With FTC Over Privacy Row, Will Pay $800K And Establish New Privacy Program Including Outside Audits Path’s 2012 included a major hiccup when it was discovered in February last year that the app uploaded user address books in their entirety to its servers. The company quickly responded by deleting the data and apologizing for the transgression, […]

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Customer Retention & The Buying Process

Customer Retention & The Buying Process – 12/9/12

Pursuing Excellence: What Every Loan Officer Needs to Know In my 28 years in mortgage lending, it’s been my observation that skilled mortgage professionals make it a priority to be students of their profession. From my own career to training some of our industry’s top earning loan officers, it’s readily apparent, they have a continual […]