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Tag Archives: Service Providers

OCC Deputy Stresses Importance of Multifaceted Risk Management

At an industry event held in Phoenix, Darrin Benhart, deputy comptroller for credit and market risk at the Office of the Comptroller of the Currency, described the changing face of risk management as the mortgage industry adapts to increased regulation. "As you well know, the list of mortgage-related reforms is extensive," Benhart said. "These reforms mean you will need an even greater emphasis on risk management techniques that not only look at credit risk but also encompass operational and compliance risk."

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New Home Purchase Applications Down in August

Data from the Mortgage Bankers Association (MBA) for August shows mortgage applications for new home purchases declined compared to July. According to MBA's monthly Builder Application Survey (BAS), loan applications for the purchase of new homes fell 14 percent month-over-month in August. Taking information from the BAS--as well as assumptions regarding market coverage and other factors--MBA estimates sales of new single-family homes ran at a seasonally adjusted annual rate of 424,000 in August.

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Initial Jobless Claims At 7 1/2-Year Low

Unemployment

First-time claims for unemployment insurance for the week ending September 7 plunged 31,000 to 292,000, the lowest level since March 2006, the Labor Department reported Thursday. Economists expected the number of claims to edge up to 330,000 from the 323,000 originally reported for the week ending August 31. The number of filings for that week was unchanged.

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Citi, BofA Add to Layoff Announcements

According to a report from FOX Business, executives at Citi told reporters the company will cut an estimated 2,200 jobs from its mortgage business "by early next year" due to rising mortgage rates driving down demand. Meanwhile, Bloomberg has reported that Bank of America is cutting 2,100 jobs and closing 16 offices by the end of October, according to "two people with direct knowledge of the plan." Citi and BofA aren't the only banks to be impacted by rising interest rates and improved loan performance.

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Despite Decline in Fraud Levels, Some States Still Suffer

Fraud

In its 15th Annual Mortgage Fraud Report, LexisNexis Risk Solutions put a spotlight on three economic indicators: mortgage fraud and misrepresentation involving industry professionals, potential collusion activity, and volume of properties in default. Looking at mortgage loan fraud levels, researchers at LexisNexis determined that most states have seen fraud fall to normal levels since 2008, though the fallout from prior years continues to build.

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