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Reagor: Lenders settlement spurs scams

18.05.12

Only borrowers with loans owned by the five lenders involved are eligible for aid from the national settlement, and those lenders are responsible for contacting eligible homeowners in the coming month to offer assistance.

"Consumers should be aware that scammers are already using the media coverage of the settlement to exploit homeowners by promising quicker assistance in obtaining the refinancing, principal reduction or cash payments available to eligible consumers under the settlement," Arizona Attorney General Tom Horne said in the consumer alert issued earlier this week. He warns consumers to be wary of any unsolicited contact about the settlement.

Here are tips from the Attorney General's Office to help consumers eligible for the settlement avoid scams.

Beware of anyone calling and asking for your routing number, checking-account number or other financial information over the phone. Lenders will not do that.

You may receive legitimate mail from your servicer regarding the settlement if your mortgage loan is serviced by one of the lenders in the settlement. If you do receive a call or mail regarding the settlement, examine it closely to make sure it's the same entity handling your mortgage payments.

Source: Arizona Republic

LendingQB Helps Mortgage Lenders Make Better Technology Decisions

18.05.12

PHOENIX, Ariz., April 23, 2012 (SEND2PRESS NEWSWIRE) — LendingQB , a provider of seamless mortgage lending technology, announced an innovative new service that helps lenders understand and measure the impact of technology on their business, which will be introduced at the MBA Technology Conference and Exposition in Phoenix, Arizona. Known as the Enterprise Process Assessment (EPA), it provides lenders with an extensive breakdown of their operations, workflows and technologies to determine a strategy to reduce cost per loan and optimize enterprise-wide performance. The assessment is provided to interested lenders without any commitment or fees.

The EPA is a holistic, in-depth analysis and discovery of a lender’s unique business workflow that dissects every step of the loan life cycle from the moment an originator engages with a borrower to when the loan is sold on the secondary market. Once the assessment is complete, a detailed report is produced that contains metrics on how to reduce the cost to originate loans by optimizing workflows and operational performance. The EPA report gives lenders keen insight into their business in a way that allows them to understand the degree in which a technology and process improvement plan can impact their performance. Ultimately, the report serves as a invaluable roadmap for lenders to evaluate technology more effectively and develop business strategies by establishing measurable goals.

Source: California Newswire