Province Mortgage 9.28.20

Province Mortgage Associates is Growing with the Hiring of New Processing Manager, Dawn Vacca! Province Mortgage Associates is excited and proud to announce the hiring of Dawn Vacca as their new Processing Manager! With 2020 shaping up to be a record-setting year with company loan closings as of September already exceeding last year’s totals, the timing could not be better for a professional with her level of expertise to join the growing Province Team. Over her 20+ year career, Dawn has … [Read more...]

First Home Mortgage 3.2.20

First Home Mortgage Corporation is a licensed, full service, residential lender. For over 30 years, we’ve provided home financing solutions to home buyers; taking the time to understand the needs of our clients in order to accomplish their goal of homeownership. Our History Beginning with two offices and a handful of employees, First Home was dedicated to staying local and remaining independent. At present, we’ve grown into a financial institution of over 400 employees, licensed in 21 … [Read more...]

Sierra Pacific Mortgage 12.9.19

Sierra Pacific Mortgage, with headquarters in Folsom, California, provides quality mortgage lending services throughout the United States. Jim Coffrini is our company's President and has steered the company's vision and success since its inception. Very simply put: Promises Made, Promises Kept. Incorporated in 1986, we are a privately held company and have originated and purchased billions of dollars in residential loans. Licensed in 49 states, our high company production levels and access to … [Read more...]

The Lesson of Chris Sale

By: Dean Harrington In the 7th inning of game four of the World Series, baseball’s best offensive team found itself starved for runs. The vaunted Red Sox attack had scored a mere three runs in its previous 25 innings, managing just a single hit in the first 6 innings of Saturday’s match-up with the Dodgers. That’s when Red Sox ace pitcher Chris Sale threw his most devastating pitch, aimed squarely at his own teammates no less. The 6’6” Sale rose to his feet in the visitors’ dugout at famed … [Read more...]

Investment Properties Under HMDA

Article By: Gregg Oberg, Spillane Consulting Associates, Inc. It's that wonderful time in the quarter when we put our HMDA data on the LAR once again. Ah, scrub season, you keep us so busy with interesting questions.  While we obviously want to get EVERYTHING right in HMDA, erring on Primary Purpose may be the single most costly mistake you can make. Here's a few tips on how to avoid making a critical mistake.  What’s the Big Deal? Determining whether credit is extended for … [Read more...]

Understanding New HMDA Exemptions

Article by: Gregg Oberg, Spillane Consulting Associates, Inc. The CFPB has provided updated interpretations on HMDA following EGRRCPA. How are you going to implement them?  Background The regulatory reform bill signed into law in May 2018 created two new “partial exemptions” to HMDA reporting; one for open-end loans and one for closed-end loans. Briefly, if you originated less than 500 covered closed-end loans in each of the past two years, you are “partially” exempt from what we’ve come … [Read more...]

Sharing Knowledge in New England

Article By: Gregg Oberg, Spillane Consulting Associates, Inc. One of the great things about SCA is the range of issues we get to see, and the wealth of knowledge we get to tap into while working with dozens of clients on a monthly basis. Today, we'll share some Systems knowledge courtesy of our own Paul Bates and Lance McGrath. What’s New, and What’s Next? We’ve been putting our ears to the ground this summer, out and about New England (and beyond) helping clients understand and solve the … [Read more...]

Using Quality Control to Prove Compliance

Article By: Gregg Oberg, Spillane Consulting Associates, Inc. Quality Control as a "Detective" Compliance Control I’ll skip the obligatory “compliance is hard and expensive” explanation; you’re already aware of that fact. The process—regardless of the regulation being complied with—begins with identifying and assessing risks. Policies, procedures and other controls are then implemented, and we hope we’ve met our obligations. But unless we continually monitor and test our programs, improving … [Read more...]

Are Small Banks Still Subject to HMDA?

Article By: Gregg Oberg, Spillane Consulting Associates, Inc. When regulatory requirements impact strategic or management action, our goal is to help business leaders make well-informed decisions. Change has come to HMDA once again; see how the S.B. 2155 Regulatory Reforms will impact your institution moving forward... S.B. 2155 and HMDA: A Simplified Explanation for “Small Banks” As you likely have seen, S.B. 2155 is now law. Let’s take a moment to applaud Congress for doing SOMETHING … [Read more...]