News - - Here at the Pacific Northwest Lenders conference in Portland, a big topic of conversation is, like it is everywhere, regulation. Understandably private companies are making money off of the quagmire of government regulations. "In an effort to clarify a number of intertwined regulations and agencies, AllRegs has created a concise and comprehensive mortgage regulator guide. Whether you're a community bank, credit union, savings bank or private mortgage lender, this guide will help you understand the current regulatory landscape. This guide also includes links to the relevant state agencies for mortgage lending according to the Act they regulate." Of course the lenders want to lend but as pointed out in this article, when any and every default can result in a far more costly response for frivolous and immaterial errors it creates a defensive lending strategy. It is almost comical to watch some branches of the government encouraging guideline widening and catering to underserved borrowers while other branches are busy with excessive put back, indemnification negotiations, and enforcement policies.....
And which processor in their right mind wants to work on a loan file 4 inches thick? In Wisconsin, an entire lending operation was shut down due to lack of trained personnel.

Ken Notes: Opportunity???

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- - Volume: 2 - WEEK: 37 Date: 9/9/2014 2:16:28 PM -