Representatives of the New York State Banking Department were on the defensive Sept. 22 when members of the New York Association of Mortgage Brokers questioned them about a proposed education requirement at the group's convention in Saratoga Springs, N.Y.Barbara Kent, the department's director of consumer services and financial products, told the general session that no one thinks it is a bad idea to provide education, but that the banking department is in a tough position because it is trying to cut its budget by 10%. This would be difficult if the department were adding the administrative costs of an education program, Ms. Kent explained. The department is not against education, she said, but it has to be done in such a way that it "does not get bogged down" and has real significance. Kenneth Bielemeier, deputy superintendent of the department's mortgage banking division, added that the department's educational thrust has been aimed at consumers, not the industry. He noted that the department does bring in new brokers for a half-day meeting where the department explains what it expects from them.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
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The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
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Equity is entitled to a little over $70,000 worth of damages.
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Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
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