Tag Archives: Attorneys & Title Companies

As debate heats up about whether to repeal the Dodd-Frank Act, witnesses testifying before the House Financial Services Committee Monday appeared as divided over the issue as the general public, with some criticizing the law and others praising it. The leaders of banks and credit unions largely panned the financial regulatory overhaul, highlighting the demand for more resources and manpower in compliance issues even as regulators themselves continue to scrutinize new loans. Others said that Dodd-Frank benefited the recovery.

American Home Mortgage Servicing Inc. (AHSMI) is taking advantage of a new way to ensure compliant, efficient collaboration with its partners. The company recently announced that it would begin using Oracle's WebCenter solutions to manage business processes for all mortgage-related activities with participating third-party loan investors.

Weichert Financial Services is investing in technology, with the recent announcement that the company would begin utilizing a platform from InHouse Inc. to enhance its appraisal processing. Choosing InHouse to facilitate data delivery, Weichert is set to take advantage of fully integrated processing for management of its appraisal-related activities.

The recently proposed Volcker Rule will sap nearly $1 billion in revenue from the nation's banks as lenders spend more time, resources, and manpower complying with regulations, according to a recent government study. The Office of the Comptroller of the Currency estimated that the rule as drafted by the FDIC, Federal Reserve, and other federal authorities will result in expenditures totaling $100 million for state, local, and other governments. The rule continues to stir controversy following its proposal earlier this month.

A U.S. federal judge handed prison sentences and $100 million in fines to two former bank officials and a borrower Thursday for their roles in trying to bilk the Troubled Asset Relief Program during the financial crisis. Former Orion Bank EVP Thomas Hebble and SVP Angel Guerzon, along with onetime borrower Francesco Mileto, received time in federal prison for falsifying information about bad loans under the pretenses that their financial institution qualified for bailout funds from the federal government.

The Federal Housing Finance Agency released projections Thursday that showed the GSEs may need anywhere from $51 billion to $142 billion more taxpayer funds over the next few years, even as one Republican lawmaker offered a plan that would siphon federal support for the companies. The scenarios show that the companies will ultimately need to withdraw anywhere from $220 billion to $311 billion from the federal government, a lower estimate for forecasts that originally fixed their needs at anywhere from $221 billion to $363 billion.

Despite its complicated moniker, Morgan Stanley's newly formed Financial Institutions Group Global Capital Markets team has a simple mission - to help banks around the globe navigate financial and capital challenges. The advisory division will target organizations worldwide, offering strategies, underwriting, and decision-point support for clients. Morgan Stanley's Shyam Parekh will head up the FIG division out of London, and New York-based Kevin Ryan and Taylor Wright will round out the leadership.

National Bank of Kansas City is adding to its arsenal of technology tools. Recently announcing that it will now utilize DocuSign├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós eSignature platform to enhance all aspects of mortgage processing, the financial institution will be able to boost borrower├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós integration into loan procedures.

NexGen Compliance Solutions, LLC, has named a new president with the appointment of Cheri Shine to the position. Shine will take over from the current head of the company, Jeff Adam, who is departing NexGen to open his own financial consulting firm. Formerly NexGen├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós executive vice president, Shine boasts more than two decades in the mortgage business, and she has held diverse roles throughout the industry, including previous experience in lending and title vendor management.

In the Northeast, data from the third-quarter shows that Massachusetts' housing market may be experiencing a slight uptick. The state recorded its third consecutive monthly increase in single-family home sales during September, based on year-over-year numbers.