Neill Fendly is a mortgage broker compliance expert.
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 […]
Yipee, the election is finished! No more Dodd-Frank, no more CFPB, no more TRID. Out of the above statements, only one we know for sure is true: the election is over. I have friends on both sides of the aisle who are convinced one or more of the other three statements are also true with […]
Every once in a while something comes down the pipeline that the mortgage industry has needed for a very long time. While getting into the mortgage industry as a loan officer and moving to a mortgage broker has become more difficult, and rightly so, than at any time in the past it is, for the […]
They sneak up on you out of the blue and you have to be prepared! Every mortgage broker dreads the day they receive the notice that they’re going to be audited by their regulator. Whether you think you’re prepared or not, it’s not strange that you’re concerned. There’s so many small details that go into […]
Depending on how a Mortgage Broker runs their operation, the ability to have the wholesale lender doing the Loan Estimate for them has been both a plus and somewhat difficult. Why? Well, it all comes to three specific reasons that are now emerging. Certainly not all wholesale lenders have these issues or circumstances, but I […]
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 […]
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 […]
Over the last year I have noticed a disturbing trend with small to midsize Mortgage Brokers. Now, before I get started, I am sure there are a significant number of Mortgage Brokers doing everything possible to comply with the vast number of rules and regulations that exist both on a state and federal level. Unfortunately, […]
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 […]
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 […]