Lending Made Simple

Archive: nonbank-lenders

5 Trends in Mortgage Technology During the 'New Normal'

The world changed in 90 days.  We went from roaming freely, looking at open houses, walking into our local branch for a mortgage, and many other all-so-routine activities.  Then all the sudden it changed.  Work from home.  School from home.  However, our businesses and work must continue.  Luckily, we have technology that can help us adapt.  Here are 5 trends we have seen with our mortgage lending clients:

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Why Commercial Banks Are Losing Out to Nonbank Lenders

Commercial banks are still in trouble. Regulators were initially spurred into action by accusations that six large commercial banks had been hastily processing foreclosures as the housing market collapsed in 2008, using a process known as robosigning that often meant the banks did not adequately check on the accuracy of the documentation. This caused four million homeowners to face foreclosures, and a $10 billion settlement was agreed upon in 2013. 

Big Banks

 

JPMorgan Chase recently was told to pay an additional $48 million to settle remaining issues stemming from missteps in its handling of mortgage servicing accounts after the crisis. The bank already paid $2 billion in a 2013 settlement with the Office of the Comptroller of the Currency (OCC), but it did not satisfy all the obligations of that earlier settlement. (source: http://nyti.ms/1Wf5BOF)

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