Browse articles from all of our Newsletters related to Technology.
March 27, 2017 - Inside the CFPB
In a recent letter to CFPB Director Richard Cordray, Rep. Emanuel Cleaver, D-MO, called upon the bureau to address potential abuses by financial technology companies that may be engaged in predatory small-business lending. In so doing, he asked that the CFPB investigate whether fintech companies engaged in small business lending are complying with all anti-discrimination laws, including the Equal Credit Opportunity Act. The congressmans letter noted that fintech lending companies, also known as alternative small-business lenders, are a fast-growing industry offering a new wave of innovation, but they also pose many risks, he added. Over the past decade, theres been a very large increase of Silicon Valley start-ups and technology companies that are functioning like banks, Cleaver said. The CFPB ...
March 24, 2017 - Inside Mortgage Trends
Credit bureau Experian and data services vendor Finicity have partnered to come up with a digital verification capability to help bring the lending industry to the point where a 10-by-10 mortgage becomes the norm; that is, a loan application that can be completed in 10 minutes, and the resulting mortgage closed in 10 days. Experian said its new Digital Verification Solutions will provide verification of assets and income by utilizing Finicitys data aggregation and insight platform ...
March 24, 2017 - Inside Mortgage Trends
Most lenders arent currently using so-called next-generation mortgage technology service providers, according to a survey conducted by Fannie Mae. High costs are among the reasons keeping many lenders from adopting technology that could ease the burdens borrowers face when obtaining a mortgage. Some 63.0 percent of the 184 lenders surveyed by Fannie in November said they havent used next-gen tech providers. Fannie released the survey results ...
March 24, 2017 - IMFnews
Not only does Fairholme own Fannie and Freddie shares, it has an investment in Sears, the troubled department store chain...
March 24, 2017 - Inside MBS & ABS
Housing finance reform, especially if it weakens mortgage underwriting standards, could have a negative impact on private-label MBS as well as the government-sponsored enterprises credit risk-transfer transactions, according to a newly published report from Moodys Investor Services. Analysts said that various reform proposals could reduce the influence that Fannie Mae and Freddie Mac have in the market and likely increase credit risk in new MBS in the short-term. Combined with a rising interest rate environment, such reform could have a credit-negative effect. Loan origination processes and the kinds of loans produced could become...
March 23, 2017 - IMFnews
Short Takes: GSE CSP Update: The UMBS will Arrive in 2Q19 / They Spent How Much on This Thing? / Cherry Hill REIT Taps the Equities Market / Freddie Mac Director Bolts for the Federal Reserve Bank of Atlanta
The CSP project comes with a cost: roughly $454 million has been spent so far...
March 13, 2017 - Inside the CFPB
Mortgage lenders efforts at compliance with post-financial crisis regulation, largely from the CFPB, shifted their focus from fully implementing e-mortgage processes but also helped them develop the necessary technology to move forward with them in the future, according to a new report from analysts at Moodys Investors Service. Following the crisis, lenders focused on adapting technology to implement regulations such as the ability-to-repay [qualified mortgage] rule and the TILA-RESPA Integrated Disclosure rule rather than on e-mortgages, the analysts said. The implementation of those regulations has, however, led to advancements in the technology needed to originate e-mortgages by providing, for example, a seamless data feed between the mortgage loan application and the disclosure documents. Further, Some lenders and servicers have also ...
March 13, 2017 - IMFnews
About one-third of the lenders surveyed by Fannie currently use technology service providers and another third are investigating next-generation technology service providers.
March 8, 2017 - IMFnews
Still, lenders and servicers that fail to comply with the established legal framework run the risk of an unenforceable e-note
March 6, 2017 - IMFnews
Short Takes: Banc of Californias Mortgage Chief Receives Kudos / Money that will have to be Replaced / Security National the Latest to Settle with HUD / CoreLogic Notes the Passing of its CEO / A New Hire for Inland Home
Banc of Californias mortgage division generated $150 million a year in revenue
March 3, 2017 - IMFnews
What Were Hearing: What We Talk About When We Talk About Financial Lunacy / Should Apple Buy Fannie and Freddie? / The Coming Boom in Mortgage Delinquencies in the Washington, DC, Area / FannieMae.com?
Go figure: An "app" company called Snap that may never make a nickel is now worth more than Fannie Mae and Freddie Mac...
March 3, 2017 - Inside MBS & ABS
Can a technology that helped bring the cryptocurrency Bitcoin into being enhance the securitization markets? The Structured Finance Industry Group and the Chamber of Digital Commerce think so and have partnered to help make it happen. According to Perianne Boring, founder and president of the CDC, which bills itself as the worlds largest trade association representing the blockchain industry, The securitization process is an ideal candidate for the efficiencies of distributed ledger technology. Blockchain platforms create...
March 2, 2017 - Inside Mortgage Finance
More defects and fraudulent information were found in mortgage applications in December and January, according to the First American Loan Application Defect Index. Analysts blame the increase on the dwindling share of less risky refinance transactions. January numbers show that the frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications increased 5.8 percent in January compared with December. This month, the Loan Application Defect Index continued...
February 27, 2017 - Inside the CFPB
It looks like the CFPB may be prepping an enforcement action against Altisource Portfolio Solutions over certain unspecified technology services provided to Ocwen, its largest customer, according to Altisources 10-K filing with the Securities and Exchange Commission, filed in recent days. [O]n Nov. 10, 2016, Altisource received a Notice and Opportunity to Respond and Advise (NORA) letter from the CFPB indicating that the CFPB is considering a potential enforcement action against Altisource relating to an alleged violation of federal law that primarily concerns certain technology services provided to Ocwen, the firm said. On Dec. 15, 2016, Altisource provided a written response to the NORA letter setting forth the legal, policy and factual reasons why it believes an enforcement action is ...
February 23, 2017 - IMFnews
The disclosure comes on the heels of a recent legal settlement in California that paves the way for Ocwen to buy servicing rights once again...
February 22, 2017 - IMFnews
Nexera founder and CEO Steve Abreu a former GMAC executive said theres a great deal of interest from PE firms in the disruptor segment
February 21, 2017 - IMFnews
No details were available on why Dave Hurt parted ways with CoreLogic...
February 17, 2017 - IMFnews
Late last decade Altisource was spun-off from Ocwen, a once large servicer that in years past had been sanctioned by regulators for some of its servicing practices.
February 16, 2017 - IMFnews
Short Takes: What Does Bruce Berkowitz Think? / Freddie Exploring SFR Market / BB&T Building New Servicing Center / CoreLogic CEO on Medical Leave / loanDepot Executive Jumps Ship for Wisconsin Lender
While most banks are running away from the business of servicing home mortgages, BB&T appears to like the space...
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