Browse articles from all of our Newsletters related to Technology.

April 24, 2014 - Inside Mortgage Finance

CFPB Announces Mortgage Closing Pilot Project, Mortgage Industry Hopes for Reset on E-Mortgages

Industry representatives who, since the 1990s, have been imagining a world of electronic mortgage transactions and related documentation took renewed inspiration from the Consumer Financial Protection Bureau’s announcement this week of a pilot project aimed at using the latest in technology to diminish the “pain points” of the closing process. Brian Webster, the originations program manager for mortgage markets at the CFPB, said last week that the bureau had identified 1,480 such sore spots. But during a public forum held this week, the CFPB focused on a handful of primary problems it said consumers have with the way mortgage closings are handled in the American market. First, they feel...

April 24, 2014 - IMFnews

CFPB Unveils Pilot Aimed at Reducing Document Review ‘Pain Points’

The CFPB will work with participants to test many eClosing features, including those that may enable consumer understanding, incentivize early document review and facilitate error detection.

April 23, 2014 - IMFnews

Short Takes: Lenders Begin to Loosen Credit Standards? / Ellie Mae Snafu Called ‘Bizarre’ / MBA, Others Want GSE Reform Now / Applications Slump Again / Sorry, No One’s Making Mortgages

As for details, a spokesman for the company said Ellie isn’t talking about the topic at this time. In an email exchange with IMFnews, mortgage technology consultant Tony Garritano of Progress in Lending called the whole episode “very bizarre”…

April 18, 2014 - Inside Mortgage Trends

Compliance Should Focus on Consumer Harm

There are a variety of components for a successful compliance-management program mortgage lenders should implement, but the primary goal needs to be preventing harm to consumers, according to bank examiners with the Federal Reserve Bank of Boston. “Given the challenges associated with the regulatory environment of today, we’d like to emphasize the importance of looking at bank operations while asking two questions from a consumer compliance perspective,” said ...

April 18, 2014 - Inside Mortgage Trends

CFPB Pilot Aims to Digitize Entire Closing Process

The Consumer Financial Protection Bureau plans to announce a voluntary pilot project next week related to its efforts to streamline and improve the mortgage-closing process – an initiative likely to rely heavily on the industry’s latest technological capabilities, and perhaps stimulate some innovation in the process. The pilot will be formally announced on Wednesday during a live online webcast of a public forum the bureau plans to conduct at its headquarters in Washington, DC ...

April 18, 2014 - IMFnews

Pilot from CFPB Will Aim to Digitize the Entire Mortgage Closing Process

The CFPB plans to launch a pilot project as part of its efforts to improve the mortgage closing process.

April 15, 2014 - IMFnews

Ellie Mae: Encompass Outage Wasn’t Due to an Attack, There was No Data Breach

The outage of Ellie Mae's Encompass systems at the end of the first quarter appears to be due to a malfunction on Ellie Mae's end, not a malicious attack.

April 10, 2014 - Inside Mortgage Finance

Cyber-Attack on Ellie Mae Raises a Big Question: If They Got Hacked, Can This Happen to Others?

Mortgage lenders are still smarting from a recent cyber-attack on their loan origination software provider, Ellie Mae, but a larger question now looms: If a company of Ellie’s stature was hacked, can it happen to other vendors as well? Tony Garritano, a consultant who manages a mortgage technology advocacy group called Progress in Lending, said, to the best of his knowledge, the attack on Ellie Mae is a first for the industry – and likely not the last. “As more lenders and their vendors migrate to the Internet this will happen again and again,” he said. He notes...

April 8, 2014 - IMFnews

New York State Launches Inquiry Into Ellie Mae Tech Snafu

New York regulators want to know whether the additional costs will be passed onto consumers. Ellie Mae is not commenting.

April 3, 2014 - IMFnews

With Stock Suffering, Nationstar Moves Hisey Aside; Solutionstar Spinoff in Doubt?

Hisey, a former Fannie Mae executive, has been given the title of chief strategy and external affairs officer, a newly created position at the nonbank lender/servicer.

April 2, 2014 - IMFnews

Lenders Will Ask Ellie Mae for Damages Because of Tech Snafu

One mortgage technology expert had this to say on the Ellie Mae shutdown: “This is going to get ugly. Real money is lost when you can’t close loans on time.”

April 1, 2014 - IMFnews

Tech Snafu at Ellie Mae Involving Encompass Delays Closings

One executive, requesting his name not be used, said, “It completely wrecked our last day of the month. We were unable to sending closing packages, send disclosures, export files and such.”

April 1, 2014 - IMFnews

Now, Ellie Mae Is Looking to Buy Other Firms

One source familiar with Ellie Mae told IMFnews that the technology provider has a long list of potential acquisitions.

March 31, 2014 - IMFnews

Short Takes: Green Tree-EverBank MSR Deal Closes / New STACR Offering From Freddie / Cole Taylor Mortgage Sale Keeps on Ticking / Light Trades in HELOC Secondary / Former HUD IG Lands at Mortgage Vendor

Whatever happened to the sale of Cole Taylor Mortgage, which has been in the works for nine months or so? Good question. When we asked one source close to the deal, his response was this: “Think of the Energizer Bunny but with fairly old batteries.

March 28, 2014 - IMFnews

What We're Hearing: When Will Mel Watt Appear in Public? / More on the GSE Scorecard / DeMarco’s Job Offer / Yes, Fannie Really Likes Nonbanks / Subprime Rising / Low FICO Score Stats / BofA’s Big Legal Win

Fannie Mae this week released its STAR servicer rankings and hopefully a copy found its way to all those pesky regulators who think nonbank servicers can’t tell the difference between a debit and a credit.

March 19, 2014 - IMFnews

Short Takes: Need a Mortgage Job? Try the CSP / More Headaches for Ocwen? / The CFPB: Do As I Say, Not As I Do / WJB Mortgage Expands Jumbo Menu / Saving Only Homeowners Who Can Be Saved

W.J. Bradley Mortgage Capital announced a number of new jumbo mortgage products this week. Among the offerings is a loan with a 10 percent downpayment requirement for balances of up to $850,000.

March 18, 2014 - IMFnews

Short Takes: 1,300 Brokers Out in the Cold / What a Wonderful Job the Megabanks are Doing on Loss Mit / Shaun and Tom’s View on Loss Mit / DocMagic Gets the Nod for FHA eMortgage / Hell Hath No Fury Like an Ocwen Shareholder Scorned / Redwood's New MBS Deal

Translation into English: If you bought Ocwen’s stock at $60 and it’s now trading at $40 and you’re really steamed, give us a call.


What do you think is the biggest hurdle to meeting the new QM standards in the CFPB’s ability-to-repay rule?

A debt-to-income (DTI) cap of 43%.


A 3% cap on points and fees.


An interest rate cap of the average prime offered rate (APOR) plus 1.5%.


Housing Pulse