As a consumer positioned in an arthritic, eye-sight-challenged generation, it is my firm belief that mobile phones have significant drawbacks as a tool for loan origination, no matter how clever the application. I am also completely convinced that tablets (the iPad in particular) lack drawbacks. From a delivery-channel perspective, the lightweight tablet, with its adjustable type size and ease of input, appeals to baby-boomer and Gen-Y customers alike.
On June 30, the Office of the Comptroller of the Currency (OCC), which regulates the largest U.S. banks, sent out a news release entitled “ … Guidance to Banks Regarding Foreclosure Practices,” which instructed the banks under its control to conduct self-assessments of their residential mortgage foreclosure practices and correct any weaknesses. It went on to say that OCC examiners will be reviewing both the self-assessments and the corrective actions during this year’s examinations.
In the United States, insurance companies are regulated by the states in which they are licensed to do business, and the industry is often looked at as suffering mightily from a lack of consistent national governance. Given the high number of states, this lack of centralized governance is often confusing -- and sometimes nightmarish -- for consumers and insurance companies alike.
Today’s mortgage lenders might think that there isn’t much that could surprise them. Enter the strategic defaulter -- a new type of consumer/borrower that considers their house a stock-market-type of investment and dumps that “stock” when it tanks. Or, in mortgage vernacular, consumers who, when their home is valued at less than their mortgage balance, default on the mortgage and simply move out of their house.
Christine Pratt is a senior analyst at Aite Group, specializing in lending with particular emphasis on credit risk and process management technologies for Aite Group’s Retail Banking & Payments segments. She brings to Aite Group a strong research and consulting background as well as hands-on experience developed working within financial institutions. Ms. Pratt has been widely quoted in national media and industry publications such as The Wall Street Journal, Forbes, American Banker, Bank Technology News, Bank Systems & Technology, and Credit Union News.