8 Things you didn't know about Corey Miller

Recently, Opus CMC’s Senior Application Architect Corey Miller won an award given to individuals in the finance industry who serve their companies in outstanding ways; HousingWire’s Insiders Award 2016. When we read about leaders in any industry, we often want to hear about their career path and inspirations. Of course, we love the inspiration but it is also fun to know a little bit about the person behind the success. In this blog, we asked Corey to share information about his career success as well as some little known facts that make him who he is: 

Opus CMC Honored as Silver & Bronze Stevie® Award Winners in 2016

Posted by Jennifer LaBud | Chief  Operating  Officer | Opus CMC | Date: 24 June 2016

I am so proud of the Opus CMC team! I just attended the American Business AwardsSM ceremony in NYC where Opus was awarded two separate Stevie Awards. Why is this so wonderful? The American Business Awards is the nation’s premier business awards program. Over 3,400 nominations from organizations of all sizes were submitted this year in a wide range of categories.

When Zero is Good for Your Bottom Line

Posted by Dough Bush | Compliance Officer | Opus CMC | Date: 6 April 2016

There’s a significant opportunity for lenders to boost bottom line profits and gain competitive advantage by taking on a new, zero-tolerance approach to quality control. According Moody’s Investors Services, TRID defects were found in 90% of loan files reviewed by third parties. Lenders and investors attribute these defects to delayed closings, productivity issues, increasing origination costs, and investor reluctance. With that in mind, how will lending institutions continue to grow and evolve while effectively managing risk? 

A Toast to the New Culture of Compliance

Posted by Rudy Zabran | Managing Director | Opus CMC | Date: 21 Jan 2016

As we've entered into a new year, it's very clear that mortgage businesses have experienced significant changes to their processes, technologies, and best practices. The most significant change, however, is the re-calibration of mortgage businesses to ensure a more holistic risk management approach. From TRID implementation to vendor management and data security, compliance is not just a requirement, it is the new norm. To thrive in this compliance-driven environment, mortgage industry participants must remain aware and adaptable to regulatory change and ensure that compliance isn’t just a series of tasks but an organized strategy embedded into your overall operation. 

Servicer Self-assessment: Are You Asking the Right Questions?

Posted by Chris Guidici | Director | Opus CMC | Date: 4 Dec 2015

The mortgage world is a tangled web of interrelated businesses; Originators, Appraisers, Auditors, Investors, Regulators and the like. But perhaps no entity is as distinct as the Servicer. Obviously, they have one of the most lasting and impactful roles in the industry: the practice of accurately servicing home loans.  And for better or worse, no two servicers are alike. As with most other mortgage businesses, the servicing world has gotten increasingly complex.  But with proper oversight and an objective assessment of a servicing operation, complexity can be managed and the associated risks can be mitigated. It starts with asking the right questions.

Darwinism in the Mortgage Industry. Evolution at Work.

Posted by Gopi Krish | General Manager | Wipro Limited | Date: 2 Oct 2015

Evolution is a difficult concept for most – experienced but not fully understood. The residential lending experience is a telling lesson in Darwinism and the concepts of evolution. Market factors and the lending risk landscape resulted in a very different marketplace for financial institutions. This is Darwinism at its finest; great lending institutions evolve with attributes that help them to survive and grow. The institutions that don’t assimilate these traits will be rendered obsolete and wither away.

What are these risk dimensions? How are organizations evolving in response and in anticipation?

Quality Control in Our Brave New (Heavily Regulated) World

Posted by Nick Zabran | Opus CMC | Date: 15 Oct 2015

There are few industries as dynamic as the mortgage industry. And few periods have been as transformative as the last seven years. The changes in the mortgage business have been driven by many factors, not the least of which is the regulatory environment. And just as compliance has changed, our Quality Control measures should change along with it.

Knowing there is a need for change is one thing, knowing what or how to change is something else entirely. How do we transform our QC processes to adapt to new regulatory requirements? What are the focal points for Quality Control going forward? What is Quality Control?

TRID Part II – Due Diligence Liability Analysis

Posted by John Levonick, Chief Compliance Counsel, Opus CMC | Date: 03 Jun 2015

The Loan Estimate (LE) and Closing Disclosure (CD) delivery, timing, and content requirements are codified in Regulation Z and may be subject to the liabilities provided by TILA, including assignee liability and private rights of action. In short, what was RESPA liability for violations of RESPA before is now, in the case of many of the elements of the new disclosures, now TILA liability. Remember the GFE and Initial TIL have become the LE, and the Final TIL and HUD-1 are now the CD.

Preparing for the TRID Rule Volume 1

Posted by John Levonick, Chief Compliance Counsel, Opus CMC | Date: 25 Apr 2015

By now we (should) know what the basic tenements of the TRID rule are. The Loan Estimate and the Closing Disclosure have been consolidated and replace the function and data points of the Initial TIL, GFE, TIL, and HUD documents. They also consolidate the duality of risk that existed between RESPA and TILA as it applies to these specific disclosures. These new disclosures are effective with all applications, which are also newly defined, on or after August 1, 2015.

The time to act on servicing compliance is now

Posted by Brian Rooks | Date: 4 Feb 2015

January 10, 2014 is a day that all lenders and servicers are familiar with - The day that the new CFPB Mortgage Rules took effect.  2015 promises more from the CFPB.  In November 2014, proposed Amendments to the 2013 Mortgage Rules were released for comment.   While primarily clarifying or amending the rules, the new proposals - if and when implemented - promise to take servicing to new levels of regulation.