Today I head to San Diego for a California MBA board meeting, the home base of the Pacific Fleet. It’s been 80 years since Pearl Harbor, a “date that will live in infamy.” That was a terrible day. We all have bad days, but nothing in comparison to that and it is important to keep those days in perspective. The United States and our allies faced off against Japan, Germany, and Italy for the following four years. The residential lending industry is wondering if Amazon and Apple will face off against the Consumer Finance Protection Bureau. Rohit Chopra, age 39 and Director of the CFPB, faces limits in policing individual tech companies , which haven't been subject to supervision the way banks are. People continue to write, asking about the CFPB’s reach. The CFPB’s
Sales Training, VOA, Talent Acquisition, Marketing Tools; CFPB Trends: Competing on Compliance?
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Reverse, MLO, Ops Jobs; Pricing, Best-ex, QC Products; Compliance and Risk Notes and Information May 6 2021, 8:12AM
While the market is digesting the implications Rocket’s earnings (the shares are down in pre-market trading), remember when, in March 2020, it was as if someone flipped a switch and suddenly everyone was working from home. Now, however, owners and managers of lenders and vendors across the nation are debating allowing employees to continue working from home, requesting everyone come back into the office, or some type of hybrid. Goldman Sachs, for one, has told U.S. employees to return to the office by mid-June and U.K. workers to return shortly thereafter. We know from experience that our culture of collaboration, innovation and apprenticeship thrives when our people come together, according to an internal memo. Google expects 20 percent back in the office, with 60 percent in a hybrid model. Meanwhile, a segment of workers are embracing
CRM, Ops, Consumer Direct, AE, LO Jobs; JV and MSA Updates; Redwood Trust Results; CFPB Action Apr 30 2021, 8:26AM
How are we 1/3 done with 2021 already? Few are sitting on their hands as the months roll on. Exxon had its first profitable quarter since 2019. Fannie Mae posted its first quarter results this morning: $5.0 billion net income for the first quarter of 2021 (compared with $4.6 billion for the fourth quarter of 2020), and its net worth increased to $30.2 billion as of March 31, 2021. In regulatory news, the CFPB took action against a reverse mortgage lender for deceptive advertising. And in IRS news, you don’t need new taxes if you enforce the old ones. Lots of loan officers made a lot of money in 2020, but you’ll need a net worth greater than $4.4 million to be in the top 1 percent in the U.S., and I mention this because the IRS and the Biden Administration believe that as much as $1.4 trillion in additional revenue could be raised with mo
MLO, Ops Jobs; Lender Wanted; Small Business Grant; Ignore the CFPB at Your Own Peril Dec 31 2020, 8:22AM
I still don’t know what I’m wearing to the living room on New Year’s Eve. Heck, I may not even go. Wouldn’t it be nice to be on a cruise? Ever heard of the SS Warrimoo? Me neither until a few trivia-loving readers sent me emails saying that the ship reportedly once navigated to a point that simultaneously spanned two different hemispheres, two centuries, two days, two months, two years, and two seasons. If true, that’s neat. But documentation is lacking, as was the precise navigation 120 years ago. On the other hand, there’s plenty of documentation about demographics as 72 million millennials are snapping up houses right and left. And in a year when some were focused on the yield on the U.S. risk-free 10-year Treasury note ranging from 1.94 percent down to 0.31 percent, others were focused on regulations, since regulators have plenty of d
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