In early March, the Mortgage Bankers Association was forecasting total mortgage originations for 2020 would eclipse 2019’s totals by 20.3%. They predicted volume exceeding $2.6 trillion in the U.S. for the year. New purchases would jump 8.3% and re-fi’s would double previous predictions, growing by a whopping 26.7%. As 2020 started, many lenders were struggling […]
BSA/AMR – NEW PRIORITY IN MORTGAGE INDUSTRY AUDITS As you may, or may not, know FINCEN has included mortgage brokers in the Bank Secrecy Act/Anti Money Laundering Act. What this means is mortgage brokers must have a written AML policy, which must include a separate “Red Flags Policy” that is directed to Anti Money Laundering. […]
Online Lending: Is it Really a Better Deal? I have been in the mortgage business for nearly 35 years and still am surprised by the lack of financial acumen shown by some borrowers. Despite the best professional advice they have been given, they choose to go over the cliff like a lemming seeming to think […]
I AM SURE EVERYONE IN THE MORTGAGE INDUSTRY REMEMBERS THE FINANCIAL MELTDOWN OF 2008. Most of the destruction was done by pools of Subprime loans that all too often were not as represented and simply didn’t perform. The damage was extensive and worldwide. In fact there are still civil cases in our courts and many […]
At Mortgage Defense, it is our mission to provide excellent service to all of our customers. As a direct result of dedication, commitment and hard work, we are able to go above and beyond and exceed our customers expectations. Please take a moment to learn why our customers rave about Mortgage Defense by reading this […]
President Trump recently signed a bill rolling back some “too big to fail” provisions of the Dodd Frank financial reform act. The current Director of the Consumer Financial Protection Bureau, Mick Mulvaney, a past critic of the CFPB is now leading the bureau in this new direction. The question is will the industry get in […]
Who’s In the Club? The Could Have, Would Have, Should Have Club is one of the largest clubs in the world. Its enormous membership spans generations, all the way back to the beginning of time. If you are active in business, investing, or anything similar, you’re undoubtedly familiar with this club.
Today, we are honored to share with you this recommendation letter sent to us by a client. Stories like this one prove that our services can change lives for the better, and heal futures that seem broken beyond repair. We are grateful for your words, Robin, and we will continue to work day and night to […]
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 […]
There is a false sense of security in the mortgage industry concerning fraud. Given the current regulations following the financial meltdown in 2008, many are convinced fraud has been eliminated, yet nothing could be further from the truth. Despite new enhanced regulations, the persistent greed of individuals constantly tests the system for “easy money.” An […]