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  • Ocwen2.26-0.03 -1.31%
  • Zillow38.62+1.03 +2.74%
  • Trulia47+0 +0%
  • NationStar16.17-0.08 -0.49%
  • CoreLogic42.68+0.72 +1.72%
  • RE/MAX59.95+0.60 +1.01%
  • Fannie Mae2.95+0.11 +3.87%
  • Freddie Mac2.77+0.09 +3.17%
  • Wells Fargo54.54-0.02 -0.04%
  • CitiMortgage60.10-0.11 -0.18%
  • Bank of America23.89-0.09 -0.38%
  • Fidelity National Financial40.90+0.40 +0.99%
  • First American40.77+0.30 +0.74%
  • Black Knight Financial Services41.50+0.95 +2.34%
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Home | Author Archives: Seth Welborn

Industry Leaders to Discuss Diversity, Inclusion

The second annual Five Star Diversity Symposium will be a day-long event focused on advancing the conversation on diversity within the mortgage industry featuring keynote addresses from diversity leaders, roundtable discussions, and panels covering the most pressing diversity and inclusion issues facing our industry. This gathering of leaders will lay the groundwork for the coming year by engaging in important conversations covering an array of topics surrounding the advancement of inclusion in our industry.

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State Regulators Sue OCC Over Fintech Charter

When the Office of the Comptroller of the Currency (OCC) released an update to its Licensing Manual, which allows for FinTech companies to receive bank charter, the decision was met with some criticism. On Wednesday, The Conference of State Bank Supervisors (CSBS) announced that it has filed a complaint in the United States District Court for the District of Columbia against the OCC, claiming that the attempt to create a national nonbank charter will harm markets, innovation, and consumers.

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Treasury Announces Corporate Tax Cuts

On Wednesday afternoon, Treasury Secretary Steven Mnuchin released a tax reform plan which could have a significant impact on the mortgage industry and the financial industry as a whole. In an interview with The Hill, Treasury Secretary Steven Mnuchin called the tax cuts in President Trump’s reform “The biggest tax cut and largest tax reform in history of this country.” The proposal calls for a reduction of corporate taxes down to 15 percent, cutting the top tax bracket down to 35 percent, and doubling the standard deduction.

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LoanCare Appoints New CIO

As of March 27, Jeff Bell has assumed the role of Chief Information Officer at LoanCare. Most recently, Bell was a partner with Crystal Shores Consulting where he worked with mortgage institutions as a management consultant with expertise in mortgage technology. During his time there, Bell won awards for JD Power Customer Service Recognition and number one IDS FinTech 100 at TCS.

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Ocwen Files Restraining Order, Receives New Fitch Rating

Ocwen Financial filed two emergency motions requesting the immediate court action restraining the cease and desist order brought by the Illinois Department of Financial and Professional Regulation, Division of Banking and the Commissioner of Banks of the Massachusetts Division of Banks. The recent events have caused Fitch to give Ocwen a new rating.

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Freddie Mac Releases Allowable for Clear Boarding

In an effort to reduce community blight and vandalism damage to vacant properties, as well as maintain property values, Freddie Mac released an allowable for clear boarding in a recent bulletin. Freddie Mac will reimburse servicers for use of clear boarding up to $2.25 per united inch, with a maximum amount of $2,000. According to Freddie Mac, in order to qualify, the clear boarding must be made of polycarbonate material or at least the same strength, at least 3/16” thick, and properly installed.

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The Financial Sector in Trump’s Presidency

Following the election of Donald Trump, the financial sector, including banks, saw a average earning growth of 16.4 percent, with revenue growing over 9 percent. Bank stocks fell 1.5 percent during the first three months, though have remained high and stable since.

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Wells Fargo Remedies “Living Will”

The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board announced that Wells Fargo had remedied the deficiencies in its 2015 resolution plan. Wells Fargo will no longer be subject to the growth restrictions which were imposed last year. The Dodd-Frank act requires resolution plans, commonly known as “living wills” which describe the company’s strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure of the company.

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Fraud Risk Increases Nationwide

Mortgage fraud risk is up across the country, according to the CoreLogic National Mortgage Application Fraud Risk Index (FRI) for Q1 2017. The FRI is a measure of loan-application level fraud risk in the mortgage industry, based on residential mortgage loan applications processed by CoreLogic Loan Safe Fraud Manager. The index jumped 8 percent in Q1, up to 132 from 113 a year ago and 122 last quarter.

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The Mortgage Market in the Potential Government Shutdown

With the federal funding running out on Friday and a potential government shutdown looming, expect to see an impact on the mortgage industry. Access to tax documents and other government paperwork may prove difficult in the event of a shutdown. CNBC noted that “non-essential” employees, such as those that process paperwork through the Internal Revenue Service, would be furloughed during a shutdown, causing roadblocks for those applying for mortgages.

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