Risk-based Pricing Notices
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On December 22, 2009 the Federal Reserve and the Federal Trade Commission (the "Agencies") released new and finalized rules for risk-based pricing notices, which will become effective on January 1, 2011.
The Federal Reserve Board has implemented part of these new regulations in 12 CFR §222 et el. The Federal Trade Commission has placed the rest in 16 CFR §§640 & 698. A comprehensive analysis of these regulations was provided by the Federal Reserve Board, entitled Fair Credit Reporting Risk-Based Pricing Regulations. READ MORE |
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Document Imaging vs. Electronic Document Management |
The mortgage banking industry is officially paperless now.
Even though most companies are indeed scanning their loan files at some point in the process (typically as a last step) the reality is that most lenders are not actually paperless.
In fact, lenders that have yet to go paperless are faced with business obstacles that include:
* Slower warehouse turn times
* Higher processing fees from investors
* Reduced productivity due to "lost" files
* Expensive overnight shipping fees
* Increased suspense issues at loan sale
* Unnecessary office supply costs
* Impossible disaster recovery issues
...and the list goes on and on. READ MORE
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Are You Ready For Financial Reform?
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 Major financial reform laws are now a matter of when, not if. On June 25, the joint committees of the House of Representatives and the Senate hammered out their final compromises on the differences between their respective bills. The House passed the revised bill on June 30, and the Senate is expected to make its vote in early July. President Barack Obama has indicated that he will sign the revised bills. So what's in the bill that affects me? READ MORE |
