Understand which vendors need extreme vetting per CFPB

Which vendors require due diligence, written contracts, and all the rest?    CFPB-regulated institutions are required "to have an effective process for managing the risks of service provider relationships."  See CFPB Bulletin 2016-02.  I know, I know, you're thinking Cash me ousside, howbow dah? - but let's be reasonable.As we depend heavily on 3rd parties, it's important to understand who falls under this umbrella: settlement agents? LOS providers? call centers? VOE … [Read more...]

Dodging HMDA-applicability on pre-approvals under the new rules

  Dodging HMDA-applicability on pre-approvals under the new rules   It's nice to avoid HMDA reporting requirements when you can, for example by using pre-qualifications instead of full pre-approvals. But how exactly can you do this when the new rules take effect?          As my colleague Tom pointed out Monday morning, productivity for this week in New England suffered a blow on Sunday night. But … [Read more...]

Golf Tournaments Raises Funds and Awareness for the American Cancer Society

Rumford, Rhode Island; August 2015 – The Rhode Island Mortgage Bankers Association (RIMBA) annual golf tournament to raise funds and awareness for the American Cancer Society was a huge success for the 20th year in a row. Held at the picturesque Agawam Hunt private club which marked its official beginning in 1897, the golf tournament took place on August 18 and raised over $1,100 for the American Cancer Society in the name of Patti Slepkow. Patricia (Patti) K. Slepkow of Steamboat Springs … [Read more...]

Benefits and Advantages of State Mortgage Banking Associations

State mortgage banking associations are crucial to the functioning of the real estate finance industry. Why is this? These groups engage in many beneficial activities to ensure a vibrant and responsible present with an eye to the future. Every state in the United States has its own mortgage banking association. The size and scope of each individual association depends on their specific and unique needs. More populous states, such as California and New York, require full-time paid staff … [Read more...]