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Pennsylvania Secretary of Banking and Securities Robin L. Wiessmanntoday highlighted the benefits of Act 81 of 2017, which authorizes the Department of Banking and Securities to license and examine non-bank mortgage servicers to help ensure the rights of homeowners are protected. ...
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Smaller Banks Picked up RMBS Slack in Q3
The third quarter of 2017 saw many of the larger bank servicers scaling back their portfolios of residential mortgage-backed securities (RMBS), while smaller regional banks and non-bank servicers moved to seize the opportunity, as reported by Fitch Ratings’ latest RMBS ...
Read More »Nonbank Lenders Becoming Draw for IT Professionals
Quicken Loans was recently ranked the No. 1 large company to work for in the information technologies industry for the fourth year running. The added popularity of nonbank lenders in both the market and the employment sector has been attributed in part to not being tied down to the same regulations banks are and having more opportunities to originate different types of loans. By the end of 2016, six of the nation’s top 10 lenders were nonbanks.
Read More »CFPB Fines Nonbank Lender $2 Million For Deceptive Mortgage Advertising, Kickbacks
The Consumer Financial Protection Bureau (CFPB) announced on Tuesday it has levied a $2 million civil penalty against Maryland-based nonbank mortgage lender NewDay Financial for deceptive mortgage advertising and kickbacks.
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