complacent mortgage broker compliance

Complacent Compliance

Posted on Posted in Mortgage Broker Compliance

Over the last year or so, I have observed an interesting phenomenon that is quite troubling: most mortgage brokers have figured out that unless they run large multistate operations, the odds of them being audited by the Consumer Financial Protection Agency are slim (if not entirely improbable.) This assumption holds true, and mostly has to […]

Loan Officers - A Vanishing Breed?

TRID: Wholesale Lender or Mortgage Broker Liability ?

Posted on Posted in Common mistakes, Mortgage Broker Compliance, New Guidelines, Tips and Tricks

By now everyone is aware of the TRID rule and is coping with compliance and how it is affecting their day to day business. Of particular interest is how this regulation is impacting Mortgage Brokers and their operations. I have heard the wailing and gnashing of teeth, but an apparent solution, provided by wholesale lenders […]

TRID or Absolute Power Corrupts Absolutely: Big Changes Coming in the Mortgage Industry

Posted on Posted in Mortgage Broker Compliance, New Guidelines

Unless you have been living on a remote planet somewhere you know the new TRID (Tila-Respa-Integrated-Disclosure) is the hot topic in the mortgage industry. Originally slated to go into effect Aug. 1, 2015, it is now scheduled to go into effect on Oct. 3, 2015. This is a completely new disclosure that replaces all current […]

The Wildebeest Theory

The Wildebeest Theory

Posted on Leave a commentPosted in Common mistakes, Mortgage Broker Compliance, Tips and Tricks

Recently, at a mortgage conference in Las Vegas, there were several discussions about small and medium-sized entities inability, or lack of desire, to remain current with the necessary compliance requirements. In short, many small to mid-size mini correspondents and mortgage brokers are not compliant and don’t seem to be concerned about it. It was part of this conversation […]

Calculator

Consumer Financial Protection Bureau (CFPB) Warns Against Table Funders pretending to be Mortgage Correspondent Lenders

Posted on Posted in Common mistakes, Mortgage Broker Compliance

The CFPB has provided the guidance it will use in determining whether correspondents are table-funders or conducting bona-fide secondary marketing transactions. The items listed below are just some of tests that the lending entity must meet to qualify as a bona-fide Correspondent Lender Can the Correspondent Lender demonstrate: -The required net worth to be a […]