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FedNow: instant payments or instant fraud?

Housing Wire

FedNow says the platform will be flexible and will be able to be used by a variety of financial institutions and with aggregators, processors, and correspondents. If a homebuyer uses the FedNow payment service in their closing process, the homebuyer will receive a request for their down payment from their title company.

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The OCC slaps Capital One with $80M fine over cybersecurity, risk management practices

Housing Wire

This article was written for FinLedger, HW Media’s new fintech-focused news brand designed specifically for financial services professionals in banking, insurance and real estate. and Capital One Bank (USA) N.A. It also was based on the bank’s failure to correct the deficiencies in a timely manner, according to the OCC.

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MBA leadership says it’s “playing offense” to “stop the madness”

Housing Wire

I close by reviewing what lies ahead – the policies we’re shaping, and the progress we hope to make,” Broeksmit said. At a time when you and your customers need relief, you’re at risk of being hit with the most extreme overregulation. Not just mortgages, but servicing. “My tone is usually positive and upbeat.

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Citizens Bank Collapse Sac City, IA (2023)

Marco Santarelli

On Friday, November 3, 2023, Citizens Bank was closed by the Iowa Division of Banking. Iowa Trust & Savings Bank, Emmetsburg, IA, assumed all deposit accounts and substantially all the assets. If You Had a Deposit Account The full balance of all deposit accounts has been transferred to Iowa Trust & Savings Bank.

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Ocwen to buy $48B MSR package from AmeriHome

Housing Wire

If you have any mortgage servicing rights you’re looking to offload, you may want to give Ocwen Financial a call. A few weeks after striking a deal to buy $14 billion of mortgage servicing rights from Texas Capital Bank , a subsidiary of Ocwen has agreed to buy $48.3 billion of conventional MSR from AmeriHome Mortgage.

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Incenter acquires due diligence firm Edgemac

Housing Wire

Incenter is adding a third-party due diligence review firm to its umbrella of companies. The firm, founded in 2008, also provides document management services for closing, purchase, sale and securitization of residential and business-purpose mortgage loans. What role does the servicer play in creating clients for life?

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Fifth Bank Failure in 2023: Closure of Citizens Bank

Marco Santarelli

If you are a customer of Citizens Bank in Sac City, Iowa , you may have been surprised to find out that your bank was closed by the regulators on November 3, 2023. This marked the fifth bank failure in the US this year and the first one in Iowa since 2011.

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