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...
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.
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.”
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.”
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.
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.
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.
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