Becky Walzak, EVP of Mortgage Trueview, thinks lenders should analyze data more closely to help keep themselves from getting into trouble with regulators.
The CFPB and other regulators are showing an increasing appetite for big data. The HMDA database may be the biggest in the mortgage business and a preview of the upcoming dataset may give lenders a chance to stay one step ahead of the feds.
Joseph Semrani is the head of a national telesales group in a mortgage division at M&T Bank and has been managing loan officers for the past decade at various mortgage companies.
If you worked at a bank and you spent $250,000 on a new marketing campaign and got no results, would you keep spending?
BETTER, BUT … Wells Fargo's mortgages are
It sounds liked a great business formula: home loans soared at several megabanks last quarter after they spent months cutting thousands of jobs to save costs. But executives remain concerned about profit potential because market shifts and new regulations are making mortgage lending more expensive.
Although the proposal to add more Home Mortgage Disclosure Act requirements was required by the Dodd-Frank Act, those in the lending industry said they were taken aback by the amount of additional information the CFPB is seeking, arguing it goes way beyond the regulatory reform law.
Using the MERS System helps stop mortgage lenders from fraudulently pledging the same loans to multiple warehouse lines. Most line providers register as interim funders. Some recent entrants may not.
CIT Group, which is acquiring the former IndyMac, will let the bank's $7.6 billion mortgage book run off. "It is an attractive portfolio," the CEO says.
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