• 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.  

  • 2015 Mortgage Market - Standing Still is Clearly Not an Option

    Posted by Gopi Krishna, General Manager, Wipro | Date: 22 Jan 2015

    The $10 Trillion US mortgage market seems to have a semblance of normalcy after a rough start to 2014. Appearances couldn’t be more deceptive however. Predictions in 2013 were for a higher purchase market in 2014, yet as the year went by, purchases came in at almost $100 billion below 2013. As we look forward to 2015, the Mortgage Bankers’ Association predicts a moderately higher market with 6% increase in dollar volume driven by higher purchase market. This is coming off the 17 year low we had seen in 2014. The margin of error on these estimates could still be fairly high given what we have experienced in the last year.

  • Trending Compliance Items - TILA RESPA and Regulation AB II

    Posted by John Levonick, Chief Compliance Counsel, Opus CMC | Date: 19 Jan 2015

    The TILA and RESPA Integrated DisclosuresEffective October 03, 2015 (application date).   The entire mortgage loan origination process, loan servicing, purchase and sale/securitization, and foreclosure process will be adjusted to account for the changes driven by this new requirement.  Official CFPB Final Rule Interpretation here

  • The Inaugural Blog- Trending on Compliance

    Posted by John Levonick, Chief Compliance Counsel, Opus CMC | Date: 14 Jan 2015

    The inaugural posting of the Opus CMC 2015 compliance blog is official.  We are all well aware that the financial services industry is seeing an unprecedented number of new compliance obligations since the CFPB has taken its authority on that hot July day in 2012…thinking warm thoughts, now we have an obligation to translate these requirements into objective processes and controls. To assist our clients in the navigation of the many different obligations, our first goal at Opus CMC is to keep all of our clients aware of what requirements apply to them, what issues need to be addressed as “hot button trending matters” and how their institution may be impacted by the requirements and industry trends despite an initial perception that may lead them to believe otherwise.