Risk Management Archive
The time has come for residential private-label mortgage-backed securities in Canada, but the market will look nothing like the United States'.
Foreign-born nationals with U.S. citizenship have a lot of positive attributes that make them attractive mortgage applicants. What's even better is that millions are still renters.
Such a system will not erase past violations, but it can help convince a regulator that a lender is invested in doing business the "right way."
Bank of America has taken a significant reputational hit as a result of its 2008 acquisition of Countrywide Financial. Could it have mitigated some of the damage with a different branding strategy?
An examination of the details in the B of A settlement shows many examples of risky behavior, including mortgage applications that were underwritten with "shadow" guidelines that allowed exceptions to approve almost any loan.
Many active-duty service members are unaware that they are eligible to postpone mortgage payments under the Servicemembers Civil Relief Act. A group of major financial services companies have pledged to improve communication about this option, according to the Financial Services Roundtable's Tim Pawlenty and John Dalton.
It is clear that the Consumer Finance Protection Bureau has made the mortgage industry a top priority and its supervised entities have had to fall in line with its expansive rules and regulations quickly.
A mortgage industry laden with government enticements has no choice but to honor a duty to serve its benefactor's affordable housing goals, claim the contributing authors of a new book.
All employees, including executives, need to be focused on compliance and customer complaints. The Consumer Financial Protection Bureau is specifically concerned when a company does not appropriately monitor third-party vendors.
Weather-wise, we're having a relatively placid season. But legal and regulatory developments are a different story when it comes to lender-placed insurance.
Though there is still a year for mortgage lenders to get in compliance with the Consumer Financial Protection Bureau's document changes, the perils of missing that deadline are considerable.
The overall message that mini-correspondents were intended as transitions, not permanent business models means that the loan channel would be examined for consistency with the intended purpose.
Lenders need to take the initiative to analyze their Home Mortgage Disclosure Act data before the Consumer Financial Protection Bureau does.
Unlike other regulatory agencies that in many cases looked at form over substance, the Consumer Financial Protection Bureau will ignore structures altogether when it perceives them to be "sham" transactions.
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.