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A Few Quick Tips From AllRegs on Vendor Management

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Vendors pose a risk for banks and non-banks alike … and the Consumer Financial Protection Bureau (CFPB) is monitoring those risks. “Consumers are at a real disadvantage because they do not get to choose the service providers they deal with—the financial institution does,” said CFPB Director Richard Cordray in a release from the CFPB. “Consumers must not be hurt by unfair, deceptive or abusive practices of service providers.Click to continue

StoneHill Group Launches New Web-Based QC Tool


The StoneHill Group has announced the launch of a new software solution to help mortgage bankers meet their growing compliance requirements at all stages of the loan cycle.Click to continue

eLynx First to Achieve New MISMO Certification


eLynx has announces that Expedite, the services platform underlying its core products, has achieved the first-ever Premiere Level certification from MISMO. This certification is earned through an independent, MISMO-authorized assessor’s review, and demonstrates Expedite’s continued market leadership in complying with the latest standards for data exchange and communication. Expedite has received certification for MISMO Version 3.3 within the Information Exchange business domain.Click to continue

Richmond Fed Chief Upset on MBS Policy Shift


Jeffrey M. Lacker, president of the Federal Reserve Bank of Richmond, has openly questioned a key aspect Wednesday’s decision by central bank’s Federal Open Market Committee (FOMC) regarding the long-anticipated policy shift away from tapering.Click to continue

Notice of Action Taken


Question: We are a mortgage broker. Recently, we submitted an application to two separate lenders. One of the lenders originated the loan, but the other one did not send out the notice of action taken to our borrower. Isn’t the other lender required to send that notice?Click to continue

Canyon Title of Denver Achieves National Risk Rating Credential


Canyon Title of Denver has announced that it has successfully passed an independent operational risk assessment evaluation process achieving the highest reliability rating.Click to continue

Californian Busted for $5.8 Million Mortgage Fraud Scheme

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Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP); Benjamin B. Wagner, United States Attorney for the Eastern District of California; Kamala D. Harris, California Attorney General; and José M. Martinez, Special Agent in Charge, Internal Revenue Service—Criminal Investigation, have announced that Alan David Tikal of Brentwood, in Contra Costa County, Calif., was convicted on 11 counts of mail fraud and one count of money laundering in a mortgage fraud scheme.Click to continue