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Fight Foreclosure: 4 Effective Ways To Challenge The Mortgage Lender Before The Foreclosure Sale

Short video clips the highlights effective ways to challenge your mortgage lender if you are facing foreclosure. This is part of The Go Fight ...

Ellie Mae Extends Deadline for Encompass Innovation Challenge to December 20, 2018

The collaborative competition will highlight the inventive ways mortgage industry professionals are leveraging the platform’s flexibility and capabilities to improve processes and create solutions to their unique challenges.

The contest welcomes all innovative ideas, whether they are already built-out and in use, in process or merely in the concept stage. Entrants are asked to provide their original solutions for using the platform and APIs in ways that address one of the following categories:

Lowers cost of loan origination Reduces time to close loans Ensures higher quality loans through greater compliance Improves user experience for homebuyers

Entrants must submit a 500-word description of their innovation or concept to the Ellie Mae Encompass Innovation Challenge website. The extended deadline to submit is December 20, 2018.

Finalists will be judged by a panel of Ellie Mae executives.

Comment: Open banking's cyber challenge

Open banking has placed a renewed emphasis on the need for institutions to engage with technology, and a sequence of unfortunate and widely publicised missteps within the sector over the past few months have served to underline this.

In April, for example, TSB’s attempt to migrate its IT system resulted in just under two million customers being locked out of online and mobile banking services for up to a week (or even longer in some cases).

Access to mortgage accounts and credit card statements was disabled, direct debits and standing orders were cancelled, penalty fees were incurred and more than 1,000 people suffered financial loss as a result of fraud.

Chief executive Paul Pester was forced to resign in September amid a haemorrhaging of customers (up to 2,000 per week, according to some reports) and an estimated bill of £175m to fix the problems, including compensation claims.

A subsequent investigation by IBM suggested that the bank’s testing of its new IT system had failed to show “evidence of the application of a rigorous set of go-live criteria” and that it “did not provide the required evidence of capacity”.

Can you get a mortgage allowing you to bid on a foreclosed property?

Our realtor advises that only buyers with cash in hand can buy foreclosed properties at auction. There is a technical challenge buying if you need a mortgage as you have to be in contract to be able to get the mortgage approved.


You need to establish a banking relationship in the commercial loan department. Stay away from residential lenders as they are not involved in investment deals.