The Uncertain Future of Dodd Frank

While it may not be the ‘headline-grabber’ that the Administration’s (for now, failed) healthcare overhaul has been, waiting in the wings for the spotlight remains the President’s long-standing promise of overhauling 2010’s Dodd-Frank financial legislation.

Throughout last year’s campaign, and on into this past spring, President Trump promised that an overhaul of the controversial legislation was on the horizon; in the spring, the President described the changes as “a very major haircut”. In late April, the President went even further, suggesting to a gathering of CEOs that a full repeal of Dodd-Frank remained a possibility. Continue reading “The Uncertain Future of Dodd Frank”

Not Just The Times—But The Credit Reports—Keep A-Changing

Changing Credit Reports | SettlementOne

In a year in which it often feels as though the only ‘constant’ is change, you can add millions of the nation’s credit reports to the list of items undergoing transformation in 2017.

While the majority of Americans won’t be affected by these changes, it has been estimated by FICO that between 6-7% of individuals with current credit scores will see their credit reports altered as a result of the removal of tax liens and civil judgments from their reports. Continue reading “Not Just The Times—But The Credit Reports—Keep A-Changing”

An Expert’s View Of The Lending Industry Circa 2017

SettlementOne Q and A With Embrace Home Loans' Kurt Noyce

As any member of America’s lending community knows all too well, achieving—and maintaining—success in 2017’s volatile financial environment is shaping up to be quite a challenge.

From a multitude of promised regulatory revisions to rising interest rates, the lending industry is facing a number of critically important issues, all of which have the potential to dramatically impact lenders’ bottom lines. Continue reading “An Expert’s View Of The Lending Industry Circa 2017”

Zillow Investigation Raises Questions For Lenders

Zillow Investigation Raises Questions For Lenders
Continuing an investigation that began more than two years ago, the Consumer Financial Protection Bureau (CFPB) is investigating Zillow Group’s compliance with the Real Estate Settlement Procedures Act (RESPA).

Under the rules of RESPA, lenders, mortgage brokers and servicers of home loans are required to provide borrowers with all relevant and timely disclosures regarding the cost and procedures of the real estate settlement process. In addition, RESPA prohibits such practices as ‘kickbacks’ and restricts the use of escrow accounts. Continue reading “Zillow Investigation Raises Questions For Lenders”

The Evolving World of Consumer Credit Reports

Public Record Data Changes to Credit Reporting on July 1st

It’s shaping up to be a better year than expected for the credit reports of hundreds of thousands of American consumers.

A recently completed study of millions of credit files by credit score giant FICO found that forthcoming policy changes by the nation’s three credit bureaus—Experian, TransUnion and Equifax—will result in increased credit scores for a large swath of American consumers. While the FICO study found that the majority of consumers likely won’t see any noticeable change in their credit scores resulting from revised credit reports, it also reported that hundreds of thousands of consumers could experience an even larger-than-initially expected bump in their credit scores—as much as 40-60 points, or more. Continue reading “The Evolving World of Consumer Credit Reports”

AMCs: Vital Players In The Lending Process

AMCs Vital in the Lending Process

 

By: Steve Greenfield 

The loan origination process involves numerous parties, including the Appraisal Management Company (AMC)–a vendor that plays a vital role in the lending process.

Whether your organization is a bank, non-bank, credit union or other type of financial institution, chances are if you are lending on collateral, you’ll be engaging an AMC to obtain a valuation of the property in order to close on the transaction—and therefore oversight of your AMC is critically important. Continue reading “AMCs: Vital Players In The Lending Process”

Awaiting The Return of the Mortgage Giants

Almost a decade after the collapse of the American housing market—and the subsequent arrival of the Great Recession—there remains a good deal of ‘collateral damage’ that has yet to be fully repaired by the nation’s economic recovery.

With the arrival of a new Administration in Washington, and expectations running high about forthcoming deregulation of the financial services and lending industries, one of the remaining vestiges of the Great Recession—the absence of the largest banks from the mortgage business—may also soon come to an end.

Continue reading “Awaiting The Return of the Mortgage Giants”