Magazine article Mortgage Banking

An Uphill Battle

Magazine article Mortgage Banking

An Uphill Battle

Article excerpt

Lenders and servicers must feel overwhelmed by the challenges in today's business environment. The compliance environment alone is becoming really tough to navigate. And at this moment, lawmakers and regulators are coming up with a host of new rules for lenders to comply with. And that doesn't even touch what is brewing in the courts.

In this issue we try to tackle some of the major compliance risks faced by the industry. We examine what some of the trends are in fair-lending enforcement, the latest developments in the predatory lending arena and some new compliance requirements to guard against identity theft.

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We also examine what could be the next frontier for mortgage fraud--reverse mortgages. In an article this month by Ann Fulmer, vice president of Interthinx, Agoura Hills, California, titled "Risk Management in Untested Waters," we learn about some disturbing scams that are robbing seniors of their homes. This is disquieting news in a loan product niche that is one of the few bright spots on the horizon for the mortgage industry. …

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