Borrower and mortgage eligibility problems, a sign of the shift to a purchase market, were the leading cause of critical defects found following post-closing reviews, according to Aces Risk Management.
Acting Comptroller of the Currency Keith Noreika on Monday gave a ringing endorsement to online lenders seeking to expand into banking, suggesting they should consider taking deposits and seek out national bank charters as they mature.
Democrats have strived to paint recent scandals at Wells Fargo and Equifax as prime examples of why a regulatory rule banning mandatory arbitration agreements should be upheld, but Republicans are not wavering in their campaign to overturn it.
Lenders and servicers continue to shift critical functions to third party service providers in order to lower costs and focus on core competencies. However, effectively managing third party service providers can be very challenging from a compliance, operational and technological perspective. While this has always been the case, it is about to become more important as federal regulators have indicated that they are going to increase their supervision of service providers.
If your mortgage servicing strategy is limited to predictive dialing, you could be wasting $4-$7 on each contact—and it’s not just because people are hanging up or not answering. Predictive dialers alone fail big because 93% of consumers prefer alternative channels such as email and text.By using more sophisticated, intelligent and personalized digital contact strategies, you can dramatically lower costs and defaults and improve cure rates with a near immediate ROI. Download “Collect More, Spend Less: An ROI Guide to Collecting Through Digital Channels” to learn how. Plus, get access to our ROI calculator to quickly see how you can save with Nuance Proactive Engagement.