Category Archives: Lending

Impac hires loanDepot’s former chief administrative officer to lead CashCall Mortgage

CashCall Mortgage has a new leader.

Impac Mortgage, the parent company of CashCall, announced Thursday that it hired Rian Furey to serve as the company’s president of direct lending, which is conducted via CashCall.

As president of direct lending, Furey will oversee CashCall’s operations.

Furey comes in Impac from loanDepot, where he served as chief administrative officer.

Furey previously held executive positions in the direct lending businesses of Nationstar MortgageDiscover Financial Services, and LendingTree.

“Rian’s successful track record across numerous direct lending divisions, made him the ideal candidate to become President of Direct Lending at Impac,” Joseph Tomkinson, chairman and CEO of Impac Mortgage, said.

“We are very fortunate to have identified someone with Rian’s skillset, who will be able to continue to grow our already successful CashCall Mortgage platform,” Tomkinson continued. “It’s my pleasure to welcome Rian to the Impac family.”

Furey said he’s looking forward to the opportunity with Impac.

“I’m excited to get to work with the talented folks that makeup the CashCall Mortgage team,” Furey said. “There are great opportunities for Impac’s growth in consumer direct retail lending and I look forward to delivering that for our shareholders.”

Article source: https://www.housingwire.com/articles/42094-impac-hires-loandepots-former-chief-administrative-officer-to-lead-cashcall-mortgage

New York enacts new rules for credit reporting agencies in wake of Equifax breach

After Equifax revealed earlier this year that it had been the victim of a data breach that exposed the personal information of 145.5 million U.S. consumers, the state of New York began moving to increase its oversight of credit reporting agencies.

Under the newly proposed rules, Equifax and other credit reporting agencies would have to register with state’s financial regulator, the New York Department of Financial Services, and be subject to NYDFS oversight.

But those new rules don’t go far enough, according to New York Gov. Andrew Cuomo. So, Cuomo is immediately enacting new rules for credit reporting agencies that will bring additional consumer protections.

Cuomo’s office announced Tuesday that Cuomo directed the New York Department of State to issue new regulations, which hold credit reporting agencies “accountable to the public.”

The regulations, where were adopted on an emergency basis and became effective immediately, require credit reporting agencies to respond within 10 days to requests made by the Department of State’s Division of Consumer Protection on behalf of consumers.

The new rules also require credit reporting agencies to file with the state’s Division of Consumer Protection, and require the agencies to “plainly disclose to consumers all fees associated with the purchase or use of products and services marketed as identity theft protection products, including when those products are originally offered for ‘free.’”

According to details provided by Cuomo’s office, the new rules also:

  • Require consumer credit reporting agencies to identify dedicated points of contact for the Division of Consumer Protection so the Division can obtain vital information necessary to assist New York consumers
  • Require a timely response—within 10 days—by consumer credit reporting agencies to information requests made on behalf of consumers by the Division of Consumer Protection
  • Require consumer credit reporting agencies to file with the Division of Consumer Protection a list and description of all business affiliations and contractual relationships they have with companies marketing credit monitoring and related products

“Consumer credit reporting agencies have a duty to deal fairly and honestly with all consumers, and here in New York, we will ensure the best protections are available to any victim of deceit,” Cuomo said in a statement. “The current status quo of allowing consumers to be penalized for having their data breached is unacceptable, and with the addition of these new protections, this administration will hold agencies accountable and help protect New Yorkers and their financial future.”

According to Cuomo’s office, the state’s Division of Consumer Protection also plans to issue a demand letter to Equifax for “vital information necessary to help the Division properly assess the damage and risk of identity theft to New York State consumers” as a result of the breach.

“We take very seriously our role to protect consumers from economic harm. The Department of State, Division of Consumer Protection will work tirelessly on behalf of affected New Yorkers to ensure they have the information they need to make informed choices about how to prevent identity theft resulting from this data breach,” New York Secretary of State Rossana Rosado said.

“These regulations also put in place a common-sense framework to help ensure consumers have access to timely assistance in the event of future breaches,” Rosado added.

Article source: https://www.housingwire.com/articles/42067-new-york-enacts-new-rules-for-credit-reporting-agencies-in-wake-of-equifax-breach

Your top 10 HMDA questions answered: Part 2

The Home Mortgage Disclosure Act deadline looms closer, but many questions still remain unanswered.

To combat this, HousingWire set to work to bring readers answers to the most asked questions as we countdown to the end of the year.

Most of the 2015 updates to HMDA take effect in January 2018.

Back in November, HousingWire hosted a webinar on HMDA, where panelists stressed the importance of preparing for the upcoming HMDA reporting requirements.

But due to an overwhelming demand, we are now presenting HousingWire readers with a 10-part series, each answering one of the most popular questions when it comes to HMDA.

To make sure you’re caught up, check out part one to see the answer to the first question.

This is part two.

Do the HMDA changes lay the foundation for a new reporting system to be in place by January 2020? If so, what does this process look like?

In short, yes.

One expert explained the new reporting standards will require updated systems and increased storage space.

“Since the HMDA Rule requires new quarterly reporting for large volume lenders in 2020, many institutions are preparing now to satisfy the requirement,” said Rose Bogan, Digital Risk senior vice president of governance risk and compliance. “Although, the first quarterly submission will be due by May 30, 2020, there is no surprise with the increase in data points, it will require updated systems and increased storage space.”

“Institutions should already be auditing their systems to determine if their existing IT infrastructure on collecting and reporting data will be sufficient or if new, updated systems will be required,” Bogan told HousingWire. “Lenders should also be sure that their servicing departments and those companies they utilize to service loans are aware of and in compliance with HMDA collection and reporting practices.”

Another expert, Scott Dunn, Wipro Gallagher Solutions head of product management, strategy and compliance, told HousingWire the current HMDA implementation does lay some foundation for the new reporting stem that will need to be in place by January 2020.

Here are some of the foundations he listed:

  • The pipe delimited format is already in place.
  • The electronic submission is already in place.
  • The automation enabled today, with the exception of three data points, offers the opportunity for less adaptation down the road, in the event additional changes are forthcoming from the CFPB.
  • The fact that we have given voluntary reporting capability to the collection of open-end transactions today has already set the foundation to collect this data when the volume threshold is met and must begin reporting by January 2020.

Be on the lookout for part three coming this Friday.

Consider yourself a HMDA expert and want in on the conversation? Email me: kramirez@housingwire.com.

Article source: https://www.housingwire.com/articles/42077-your-top-10-hmda-questions-answered-part-2

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