The rapidly changing environment in the mortgage industry requires executives to have a more comprehensive vision for executing effective change management strategies.
The DOJ wants the banks it threatens with litigation to admit accountability, pay hefty penalties and takes steps to satisfy the public thirst for payback. But the financial system would be better served if the bulk of regulation was left to the banking agencies.
This shows that the Consumer Financial Protection Bureau will hold a company responsible for the actions of a third party, regardless of intent, if a consumer is negatively affected.
Cross-training can expose a lender's staff to the entire workflow of an organization while keeping employees on their toes and providing opportunities to take on new challenges.
Acquisition-hungry banks and mortgage companies need to apply the same level of scrutiny to cultural fit as they do to a firm's financial statements and balance sheets.
Devising a risk mitigation plan and the training and oversight necessary to implement it requires lenders and servicers to conduct a scientific investigation into the policies, procedures and controls they already have in place.
Proposals in Congress to change the structure of the government-sponsored enterprises Fannie Mae and Freddie Mac seem to be languishing in this election year.
The Consumer Financial Protection Bureau's complaint database is an excellent source of information to help lenders make adjustments and refine their operations.
To move quality control earlier into the origination process, lenders should rely on automated data checks
The U.S. Attorney General seeks to lift a cap on whistleblower incentives that encourage a practice increasingly used in mortgage-based claims even as another U.S. official presses for more lending.
Another important concern when it comes to the safety of borrowers' home loan information is physical location. There have been many physical loan files stolen, as well as computers.
A plea for the Federal Housing Administration official to finish clarifying the rights of spouses unnamed on Home Equity Conversion Mortgages before she leaves office.
Common sense underwriting, a regulatory system that abides by contract law, and borrowers who consider homeownership a privilege, not an entitlement, make Canada perfect for private -label residential mortgage-backed securities.
Allegations lenders failed to lend in certain geographic areas that are racially or ethnically diverse are mounting.
Not every distressed borrower can, will or should get a modification. But in cases where they make sense, mod decisions should be swift and significant.