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Tag Archives: Compliance

Compliance Critical: Field Manager Vendor Management Process Audits

The Office of the Comptroller of the Currency states explicitly in an October 2013 bulletin guidance for risk management that it "expects more comprehensive and rigorous oversight and management of third-party relationships that . . . could cause a bank to face significant risk if the third party fails to meet expectations."

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FHFA Report Finds Lack of Compliance; Oversight

The Federal Housing Finance Agency (FHFA) Office of the Inspector General (OIG) released a report Wednesday, outlining conclusions drawn from a study done on the Servicing Alignment Initiative (SAI). The assessment of servicers provided by the FHFAOIG was far from glowing, citing specific areas of improvement for servicers of Government-Sponsored Enterprise (GSE) mortgages, specifically those who service Fannie Mae and Freddie Mac.

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CFPB Report Highlights Shoddy Servicing Practices in 2013

The Consumer Financial Protection Bureau (CFPB) released a new report detailing a number of servicing practices that “continued to plague consumers throughout 2013.” The report covers supervision work completed between July and October 2013—after its servicing rules were first published but before they actually went into effect.

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Cenlar Adopts TeleVoice Solutions to Aid Servicing Compliance

Are Mortgage Underwriters Exempt?

Out of Houston, TeleVoice, a provider of customized telephony applications, announced that servicing provider Cenlar FSB is now leveraging its Interactive Voice Response and Computer Telephony Integration solutions to aid its compliance efforts in light of the Consumer Financial Protection Bureau’s new mortgage servicing rules.

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Stewart Continues Expansion of Capital Markets Group with Hiring of New Director

Movers & Shakers, people, Stewart Lender Services

Stewart Lender Services hired John Desmond as director of regulatory compliance, capital markets. Desmond is responsible for overseeing the compliance and regulatory aspects of operations within Stewart’s capital markets group. Desmond has more than 19 years’ mortgage experience with a particular focus on origination operations and origination-related compliance. He has an additional five years’ legal experience in commercial litigation, corporate finance, and secured transactions.

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Is Mortgage Market Deconsolidation Temporary or Here to Stay?

In 1998, the top 10 mortgage lenders held around 40 percent of the market. By 2010, their share increased to nearly 80 percent; since then, it's dropped down to around 60 percent. Why the decrease? Because only five of the top 20 single-family mortgage originators in 2006 remain active today. So what's driving the big guys out--market cycles or market restructuring? And will the current trend of favoring smaller lenders and servicers last forever?

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Commentary: What’s in Store for Housing in 2014, Part 2

Despite recent gains, which some of us believe are more of a mirage than an oasis, the economy still isn't creating enough good-paying full-time jobs to drive a full recovery in the housing market. At the same time, stricter lending requirements--and a lending environment likely to get more challenging before it gets easier--are the other major headwinds that could slow down housing.

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Feature: New World Order

The veterans of this business can remember when REOs ran in the neighborhood of 150,000 a year, delinquency rates were just around 4 percent, and you only needed a credit score of 620 to qualify for a prime mortgage loan. But the housing finance industry, and default servicing especially, has changed. In the cover story of it's September issue, DS News looks at the many factors--from a slew of new regulatory mandates to an altered public perception of debt obligations--that have altered the business into something far from customary.

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With New Regulations, Demonstrating Compliance and Controls Is Key

The mortgage servicing industry is fielding a spate of new rules and regulations--49 mortgage reforms and 63 required rules related to consumer protection. With the regulatory intervention the industry is experiencing today, there is an increased and immediate need for system controls, certification of compliance, and information management controls--for both servicers and their outsourcing partners.

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