Category: Article
While the events of 2020 were worthy of a Shakespearian drama, it seems the mortgage industry may have only seen Act I, as 2021 has brought with it fresh challenges on the regulatory front. Chief among these is the Consumer Financial Protection Bureau’s April 1 bulletin, warning mortgage servicers that it would begin increasing its scrutiny of servicer’s handling of forbearance requests and loss mitigation efforts after those forbearances expire.
Click here to readThe critical mortgage loan file defect rate for 2020 was the highest since Aces Quality Management started tracking this data in 2016. Loan documentation findings played a significant role in the increase, the audit technology provider found.
Click here to readWhat types of fraud should lenders be on the lookout for in 2021 and beyond?
What are the benefits to using an integrated credit reporting service for post-closing QC reverifications?
HousingWire | May 25, 2021
HousingWire recently spoke with Trevor Gauthier, CEO of ACES Quality Management, about the effects of 2020 on loan quality and what lenders should expect regarding loan quality and risk management this year.
MBA NewsLink| April 15, 2021 | Nick Volpe
“Those who cannot learn from history are doomed to repeat it.” – George Santayana. This precept has a variety of appropriate applications, though none may be more relevant for mortgage lenders than in the area of critical defects. Given the necessary delay that must precede the analysis of post-closing data, it is easy to forget the significance of these findings. However, mistakes made in the past often do not remain so, especially when those mistakes go unaddressed.
Click here to readCUNA | March 29, 2021 | by Amanda Phillips, EVP of Compliance, ACES Quality Management
According to the latest survey from Cornerstone Advisors, mortgage and auto loans are No. 1 and 2 on credit union executives’ list of lending priorities for 2021, and it’s easy to see why. Auto lending has always formed the core of credit unions’ consumer lending strategy. Even with mortgage interest rates rising from 2020’s historic lows, rates are still low enough to encourage purchase business in 2021. However, when the goal is lending growth, prepare to manage the associated risk of loan defects.
Click here to readHousingWire | March 24, 2021 | Matthew Merlone
Residential lending professionals today are being tasked to weather one storm after another. Between the complications brought on by the COVID-19 pandemic, the recent avalanche of volumes in this refinance market and changing leadership in the White House, lenders should anticipate an increased focus on compliance in 2021.
When it comes to COVID-19’s impact on the finance industry, the devil is in the details. A look at post-closing quality control data from the second quarter of 2020 reveals another spike in early payment defaults without a clear end in sight. Having increased by nearly 200% compared to pre-pandemic levels, EPDs are also 50% higher than the prior quarter.
Click here to read