Loan Think

The Consumer Financial Protection Bureau recently released its proposed rule on integrated mortgage disclosures, providing some direction about where the agency is headed . That is the good news. The not-so-good news is that the proposed rule presents potential compliance challenges.

Many people mistakenly believe restrictive covenants for loan officers are not enforceable. Excluding the very few states that have banned such covenants, this is largely a myth created by the fact that most people do not correctly develop restrictive covenants.

A day after Wells Fargo dropped its wholesale/broker bombshell, the smoke is starting to clear and some industry players are taking a proactive approach to what may lie ahead.

This is the latest in a series of items from a contributor who wishes to remain anonymous. His point is that to be successful in the mortgage business, you need to remain healthy.

A federal judge sentenced Scott Eric Perry to 18 months in prison on false statement charges related to an almost $750,000 mortgage fraud scheme in the Birmingham area.

A private company has proposed inducing local governments in the "test" state of California to exercise their power of eminent domain to seize, not houses or property, but the underlying liens.

Eighteen months ago National Mortgages News began hearing rumors that Wells Fargo was going to toss its wholesale lending network overboard. The bank denied it and in the ensuing quarters remained among the top ranked table funders in the nation, according to the Quarterly Data Report.

Is it better to call attention to yourself? Or wait and have someone discovers how wonderful and great you really are?

The causes of the mortgage meltdown were widespread. Repeatedly identifying one group, like brokers, may be politically expedient, but it isn’t honest.

Now we’re told (but unconfirmed) that many large buyers of closed mortgages (correspondent purchasers, that is) have similar exclusionary lists, though they may call it something else.