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MGIC Announces Officer Promotions in IT Organization and Finance
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MILWAUKEE, Jan. 27, 2021 /PRNewswire/ Mortgage Guaranty Insurance Corporation (MGIC), the principal subsidiary of MGIC Investment Corporation (NYSE: MTG), today announced the promotion of Gary J. Johnson to Vice President – Data Science, and Jennifer A. Westphal to Vice President – Chief Information Security Officer.
Mr. Johnson joined MGIC in 2006, serving as a Risk Analyst until 2011. After some time at IBM (Seterus Inc.) in Portland, Ore., and at Two Harbors Investment Corporation in Minneapolis, Minn., both as a Quantitative Analyst, Mr. Johnson returned to MGIC in 2016 in the role of Risk Financial Engineer. Since then, he has taken on roles of increasing responsibility in the Risk and Finance Departments, currently serving as Senior Director, MiLo Labs, where he oversees data science and analytics delivery. Mr. Johnson holds a Bachelor s of Science
On December 18, 2020, the CFPB announced a
consent order with Seterus, Inc. (Seterus), and its successor-in-interest, Kyanite Services, Inc. (Kyanite), based on findings of mortgage servicing violations.
The consent order alleges the following violations by Seterus while it was in operation:
Unfair acts or practices for failing to accurately review, process, track, and communicate to borrowers information regarding their loss mitigation applications;
Deceptive acts or practices by sending loss mitigation application acknowledgement notices that (1) misrepresented the status of borrower application documents as received or missing, and (2) provided inaccurate due dates for submission of borrower application documents;
Violations of the loss mitigation rules in Regulation X (12 C.F.R. § 1024.41), by:
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What’s old is new again. 2021 will bring a new U.S. Administration and hopefully positive developments with regard to the COVID-19 pandemic, but it also is likely to see further adverse economic impacts. Various financial models are predicting differing trajectories for potential recession and economic recovery. What we do know is that 2020 has resulted in sizeable income loss and employment interruption for many. In the face of all this challenge, the CFPB is likely to focus in 2021 on consumer loss mitigation process and transparency. Getting it right is paramount for lenders and servicers as 2021 customer contact volumes will increase with the potential sunset of COVID-19 relief measures.
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