Browse articles from all of our Newsletters related to Technology.
April 24, 2014 - Inside Mortgage Finance
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 Bureaus 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
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
As for details, a spokesman for the company said Ellie isnt 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
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, wed 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
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 industrys 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
The CFPB plans to launch a pilot project as part of its efforts to improve the mortgage closing process.
April 15, 2014 - IMFnews
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
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 Ellies 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 regulators want to know whether the additional costs will be passed onto consumers. Ellie Mae is not commenting.
April 3, 2014 - IMFnews
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
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 cant close loans on time.
April 1, 2014 - IMFnews
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
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 / DeMarcos Job Offer / Yes, Fannie Really Likes Nonbanks / Subprime Rising / Low FICO Score Stats / BofAs 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 cant tell the difference between a debit and a credit.
March 19, 2014 - IMFnews
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 Toms 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 Ocwens stock at $60 and its now trading at $40 and youre really steamed, give us a call.
- GSE Seller Profile: 1Q14
- GSE Private Mortgage Insurance Profile 1Q14
- Top Mortgage Players: 4Q13
- GSE Repurchase Activity Full Year 2013
- Mortgage Profitability Report: 3Q13
- GSE Market Profile: FY12
What do you think is the biggest hurdle to meeting the new QM standards in the CFPBs 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%.
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- Mortgage Closing Process, Pain Points Take Center Stage at CFPB Forum
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