Feb 14, 2018 9:13:00 AM
Wire transfer fraud is one of the most serious trends in the mortgage industry. Recent Fannie Mae and FBI fraud alerts on wire transfer fraud identify more than 14,000 instances of this fraud scheme over the last year. Under this fraud scheme “hackers” use social engineering or computer intrusion techniques to send out a change of wire transfer instructions with the “new” account information.
Topics: Mortgage compliance, Fraud, compliance tips for lenders, mortgage lending services
Dec 28, 2017 9:34:25 AM
We all know the lending compliance is highly regulated and takes considerable resources. Lender compliance costs put a strain on lender profits, can be frustrating and seem unreasonable.
And they keep increasing.
Topics: Mortgage Lending, mortgage changes, Lending compliance, compliance tips for lenders, compliance costs in lending, mortgage lending services
Jun 8, 2015 7:15:30 AM
As a mortgage lending services company, we have seen big changes lately. Over the past few years, the mortgage industry has faced multiple significant regulatory changes. The Office of the Comptroller of the Currency, the Consumer Finance Protection Bureau, the Federal Reserve, and the Federal Deposit Insurance Corporation, (just to name a few) all have issued new rules and regulations that affect our industry. And like everything else, these changes come with a price.
The overall cost of originating a loan has gone from $2,291 per loan in 2008 to $6,769 in 2014, according to the MBA, with compliance costs being the fastest growing operational costs in our industry.
Topics: Mortgage compliance, Compliance, compliance tips for lenders, hiring process, mortgage lending services
