Back in 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in order to “promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ‘too big to fail,’ to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services […]
Mortgage fraud is a major issue. While there are plenty of reputable mortgage brokers out there, there are some that rely on some pretty shady actions to turn a profit, often at the expense of potential homeowners and lenders. Knowing how to spot a fraudulent mortgage broker is essential. That way, you can stop fraudsters […]
The digital age has never been more prominent than it is today. Wire transfers are commonplace, occurring daily in the mortgage industry to handle payments of large dollar amounts. When you have this much money going over the wire, how can you be sure you are doing what is necessary to protect the funds? What […]
Whether you’re a mortgage banker, broker or federal credit union, mortgage lending requires a lot of documentation. There are all kinds of loan application documents that need dates and signatures. These are all important and help to reduce consumer and creditor risks. The concern is lenders can’t clear to close in a single day. To […]
The real estate market has taken a downturn during the past few months and some are concerned that a recession might be imminent. During a recession, it is important for mortgage lenders to protect themselves because some people might try to take advantage of the situation. By understanding some of the common issues that might […]
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 […]