Posted To: MND NewsWireThe Treasury Department has recommended some sweeping changes for consumer financial services including some directly impacting the mortgage industry . A new report recognizes the growing importance of non-depository institutions in the mortgage system, attributing it in part to various factors that have raised the cost of doing business such as the False Claims Act enforcement and the costs of default mortgage servicing. The report also acknowledges that many among the growing ranks of non-bank mortgage originators have been early adopters of technology that has speeded up the mortgage lending process. As indicated by the title of report, Nonbank Financials, Fintech, and Innovation, many of its recommendations are focused on the area of technology. The report notes that financial and digital…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Michael Ayoub, Author NMLS ID 6631