Commentary

Adapting automation technology on a timely basis to help lenders weather increasing regulatory demands, meet mandates and stay ahead of the competition relies on a solid workflow management foundation.

In Davis v. J.P. Morgan Chase & Co., the federal court of appeal in New York, reversing the decision of the district court, held that JPMorgan Chase’s mortgage underwriters were not exempt employees under the Fair Labor Standards Act. The court of appeal, based on the evidence before it, found that the mortgage underwriters’ primary duty was to sell loan products under the detailed directions of a credit guide provided to them by the bank.

While seemingly innocuous, the Consumer Financial Protection Bureau's (CFPB) push to change reporting requirements under the Home Mortgage Disclosure Act may have unintended consequences for both servicers and legal teams to assess discriminatory lending practices. The CFPB is inviting input on both the content and the method of reporting. Now is the time to speak up on these matters.

On Thursday afternoon, MReport hosted its first-ever Live Twitter Chat, in which industry experts answer questions from all comers. Joining us for the first session was Rick Sharga, EVP for Auction.com and one of the preeminent voices in the housing industry today. In case you weren't able to make it, we recapped just a few of the topics tackled in the discussion.

After Consumer Financial Protection Bureau (CFPB) Deputy Director Steven Antonakes decried mortgage servicers for not doing enough to mend the industry after the recent housing crisis, one industry leader called his comments "inflammatory and without benefit to the audience." Ed Delgado, president and CEO of the Five Star Institute, believes the deputy director's remarks are not only ill-timed but also counterproductive.