Industry News

This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry. 

February 21, 2019

TIAA Bank exiting retail mortgage lending, selling to U.S. Bank

HousingWire--Ben Lane

Just over 18 months ago, TIAA was finalizing its $2.5 billion acquisition of EverBank, touting the deal as a “significant” expansion of its retail footprint and an extension of its existing retirement, investment and advisory services.

Then, in July 2018, the company rebranded TIAA Direct and EverBank to TIAA Bank. At the time, TIAA President and CEO Roger Ferguson said that the combination of the two...

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February 21, 2019

Fintechs Drive Personal Loans to Record Levels

MBA Newslink--Mike Sorohan

TransUnion, Chicago, said personal loan balances increased by $21 billion in the past year to close 2018 at a record high $138 billion, with much of this growth driven by online loans originated by fintechs.

The company's Q4 2018 Industry Insights Report said fintech loans now comprise 38% of all unsecured personal loan balances, the largest market...

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February 21, 2019

Examining Third-Party Purchasers’ Role in Foreclosure Proceedings

DS News--Natalie Burris

The First Appellate District of Illinois recently held that Illinois Supreme Court Rule 305(k) applies to appeals involving residential mortgage foreclosures. See Deutsche Bank National Trust Co. v. Roman, 2019 IL App (1st) 171296. Rule 305(k) provides that if the appellant fails to perfect a stay of judgment within the time for filing the notice of appeal, “the reversal or...

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ARMCO Mortgage QC Industry Trends Report

February 20, 2019

5 Highlights from the FCC's Report on Illegal Robocalls

insideARM--Katie Grzechnik Neill

Last week, the Federal Communications Commission (FCC) released its first report on illegal robocalls, which outlines what the FCC have been working on to fight this issue. Here are some highlights from the report.

1. Robocall Regulations

The report outlines the different laws and regulations that help the FCC regulate robocalls, including the Telephone Consumer Protection...

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February 20, 2019

The Rise Of Online Mortgage Lending

Forbes--Robert Farrington

Getting a mortgage is one of the most tedious financial activities out there. From the application process, to finding the best loan, to getting the myriad of paperwork required, and then answering all the follow up questions involved.

It takes time, effort, and used to involve a lot of phone tag.

But technology is changing that, with...

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February 20, 2019

Fraud and financial crime – Updating trigger mechanism beyond cash to include wire payments

Center for Financial Professionals--Corey A. Reason, Group Head of Financial Crime Compliance, Clarien Bank Limited

Interview:

Can you please tell the Risk Insights readers a little bit about yourself, your experiences and what your current professional focus is?

I serve as Clarien’s Group Head of FCC.  My portfolio has responsibilities for overall financial crime risk management including AML, Anti-Terror Financing, Sanctions and...

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February 20, 2019

Lessons Learned From 10 Years of Foreclosure Data

DSNews--Stephanie Bacot 

Looking back, what were some of the lessons learned that will help policymakers moving forward? A new report from The Urban Institute talks about one program’s success and shares some of what they learned. NeighborWorks America, the Congressionally chartered nonprofit organization that implemented the National Foreclosure Mitigation Counseling (NFMC) program, identified 4 main takeaways that can be used...

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Webinar: Agency and Regulatory Reporting Essentials

February 19, 2019

Could a forward-looking SOFR be LIBOR's best replacement?

Housingwire--Kelsey Ramirez

The London Interbank Offered Rate, which many short-term mortgages are tied to, will be phased out at the end of 2021, and some think the Federal Reserve Bank of New York’sSecured Overnight Finance Rate may have the best bet of becoming its replacement.

But SOFR is an overnight rate, and therefore much more volatile than LIBOR, leading experts...

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February 19, 2019

Compass Analytics teams up with MGIC

Mortgage Professional America--Candyd Mendoza

Mortgage Guaranty Insurance Corporation (MGIC), together with fintech provider Compass Analytics, has announced the integration of MGIC’s mortgage insurance quotes into Compass Analytics’ CompassPPE engine.

With the integration, loan originators can pick MI products and order MGIC rate quotes through CompassPPE without leaving the platform. This technology integration brings real time mortgage insurance quotes to the...

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February 19, 2019

HomeStreet Bank retreats from mortgage space

Mortgage Professional America--Ryan Smith

Months after announcing more than 100 job cuts in its mortgage division, HomeStreet Bank is now seeking to exit the mortgage business almost completely.

Homestreet, Inc., the parent company of HomeStreet Bank, has announced that it is seeking buyers to acquire its standalone home loan centers “and related mortgage origination personnel.” The company is also seeking...

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February 19, 2019

CoreLogic: Delinquency, Foreclosure Rates Lowest for November Since 2000

MBA NewsLink Staff

CoreLogic, Irvine, Calif., said 4.1 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in November, down by 1.1 percentage point from a year ago, when it was 5.2 percent.

The company's monthly Loan Performance Insights Report also noted the foreclosure inventory rate fell to 0.4 percent...

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