Loan Officers - A Vanishing Breed?

TRID: Wholesale Lender or Mortgage Broker Liability ?

Posted 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 […]

The Wildebeest Theory

The Wildebeest Theory

Posted 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 […]


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

Posted 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 […]

CFPB Audit Issues

Posted Posted in Common mistakes, Mortgage Broker Compliance, Mortgage Fraud Expert Witness

The Consumer Financial Protection Bureau (CFPB) has now launched itself into the world of mortgage brokers, both pure brokers and correspondents. Three distinct problems are surfacing that are somewhat surprising given the compliance environment in which the industry operates. It is evident what the CFPB is encountering is consistent with what state regulators are also […]

Roll The Dice

Posted Posted in Common mistakes, Mortgage Broker Compliance

It amazes me how many mortgage brokers continue to operate without an implemented quality control program, choosing instead to roll the dice and hope for the best. This business philosophy is proving to be very costly with significant regulatory fines and loss of operational licenses happening literally every day. Current industry projections forecast a 35% […]

Injustice for All

Posted Posted in Common mistakes

The following is based on a true story and, for a blog, may be a little long, but mortgage professionals need to be aware of what some prosecutors are doing with respect to the past subprime industry and prosecuting stated income/stated asset loans that have gone into foreclosure. The actual names of both the lenders […]