White and Asian Borrowers More Likely to be Approved for a Conventional Loan

Black and Hispanic applicants twice as likely to be denied mortgages By Jeff Sorg, OnlineEd Blog (November 3, 2016 – Zillow) White and Asian borrowers are more likely to be approved for a conventional loan than black or Hispanic borrowers, according to the latest federally released data from the Home Mortgage Disclosure Act (HMDA). The disparity

Mortgage Customer Satisfaction Increases as Lenders Adopt New Technology

Overall satisfaction with mortgage application-related activities is higher among customers who used digital communication By Jeff Sorg, OnlineEd Blog (Nov. 16, 2015) /PRNewswire/ — Overall mortgage customer satisfaction has increased this year as lenders have focused on developing functional digital channels and improving operational efficiency, according to the J.D. Power 2015 U.S. Primary Mortgage Origination Satisfaction

Lender to Pay $4.2 Million to Settle Alleged False Claims Act Violations

(Jeff Sorg, OnlineEd) –  A Southfield mortgage lender has agreed to pay $4.2 million to resolve allegations that it violated the False Claims Act in its origination of loans backed by the federal government. GTL Investments, Inc., doing business as John Adams Mortgage Company (JAMCO), reached agreement with the U.S. Attorney’s Office for the Eastern District of Michigan

NMLS Smart Deadlines for 2014 License Renewal

(OnlineEd – Jeff Sorg) – The deadline to complete NMLS CE for MLO license renewal is December 31, 2014. However, NMLS Rules allow course providers seven days to report their course completions to NMLS. This means licensees will not want to wait until the last minute before completing their education requirement. If the licensee completes before the

Consumer Financial Protection Bureau, Federal Partners, and State Attorneys General File Order Requiring Suntrust to Provide $540 Million in Relief to Homeowners for Servicing Wrongs

Company Also Ordered to Pay $10 Million for Servicing Misconduct and Fined $418 Million by the DOJ (CFPB -WASHINGTON, D.C.) — Today the Consumer Financial Protection Bureau (CFPB), Department of Justice (DOJ), Department of Housing and Urban Development (HUD), and attorneys general in 49 states and the District of Columbia filed a proposed federal court order

U.S. Supreme Court to hear mortgage loan officers’ pay case

(Reuters) – The U.S. Supreme Court on Monday agreed to weigh a dispute over whether mortgage loan officers are exempt from minimum wage and overtime pay regulations. The two related cases concern a decision in 2010 by the U.S. Labor Department, which reversed a 2004 finding made during the administration of President George W. Bush

CFPB Goes Hunting for Zombie Foreclosures

(Joseph Mikkelson, OnlineEd) Zombies have been enjoying a renaissance as of late. Ever since George Romero’s 1968 film, “Night of the Living Dead,” zombies have maintained a steady presence in the media. However, one doesn’t have to look far to see that their popularity has risen to new heights in recent years. Zombies are represented

CFPB Faces Unfair Employment Accusations, Overhaul Bill

(Joseph Mikkelson, OnlineEd) – The CFPB is off to a rocky start in 2014. In an interesting turn of events, the CFPB will undergo a probe regarding how the entity treats its employees.  According to an American Banker report, there are striking racial disparities in how employees are ranked in performance reviews. According to the

Michael Milken: How Housing Policy Hurts the Middle Class

(MICHAEL MILKEN, Wall Street Journal – March 5, 2014) The American dream traditionally meant that anyone could get ahead based on ability and hard work. But over the past few decades, the United States government created incentives through housing programs and the tax code that changed the dream for many Americans. Middle-class families began to think of

CFPB Orders Connecticut Lender to Pay $83,000 Civil Penalty

(Consumer Financial Protection Bureau – Washington, D.C.) Today, the Consumer Financial Protection Bureau ordered a Connecticut mortgage lender, 1st Alliance Lending, LLC (First Alliance), to pay an $83,000 civil money penalty for violating federal law by illegally splitting real estate settlement fees. First Alliance self-reported these violations to the Bureau, admitted liability, and provided information related