AI will kill (some) mortgage jobs. One exec says that's a good thing

AI will kill (some) mortgage jobs. One exec says that's a good thing

Katherine Campbell, former chief marketing officer at AnnieMac Home Mortgage, is no stranger to jumping into something new. In the 1990s, Campbell moved to San Francisco in the midst of the dot-com boom. After time with Wells Fargo and a series of startups, she ran marketing departments for insurance products and even gas and oil, eventually becoming a fixture in the mortgage industry with Assurance Financial and later AnnieMac. Today, Campbell is pursuing a new path through the launch of Leopard Jobs. The new company is founded on the belief that artificial intelligence and technological innovation is changing the work environment. Leopard seeks to help businesses adapt to that reality. Campbell doesn't want those in the financial services industry to fear how AI will impact the back-end functions of a company. Her newly launched company is providing consulting services for companies struggling to adapt to a remote workforce.?


READ MORE: AI will kill (some) mortgage jobs. One exec says that's a good thing


CFPB fines BofA $12M for failing to collect data on mortgage applicants

The Consumer Financial Protection Bureau fined Bank of America $12 million for failing to collect the race, ethnicity, and sex of mortgage applicants and then reporting to the bureau that the applicants had chosen not to respond. The CFPB said Tuesday that hundreds of loan officers working for $3.2 trillion-asset Bank of America, had violated the requirements of the Home Mortgage Disclosure Act. Congress passed the HMDA regulation in 1975 to specifically gather data on mortgage applicants that could be used to determine if financial institutions were discriminating against potential borrowers.?


Collectors fume over CFPB plan to ban medical debt from credit reports

A proposal by the Consumer Financial Protection Bureau to ban medical debt from credit reports is drawing the ire of the financial services industry, which claims not enough has been done to study the root cause of the problematic medical billing: The fractured health care system. Advocates have been pushing for years for the CFPB to take medical debt off credit reports, claiming millions of consumers are pursued for debts they don't owe or that are inaccurate. In September, the CFPB released an outline of a sweeping proposal to amend the Fair Credit Reporting Act.?


Loandepot faces class action lawsuit over pay-to-pay charges

A West Virginia couple is suing Loandepot, alleging it illegally charged them for payments made by phone, in the latest of a series of recent court actions surrounding pay-to-pay fees. David and Patricia Warren of Seth, West Virginia, were named as plaintiffs representing a class of Loandepot customers who were charged fees when remitting payments electronically or by telephone. Neither the Warrens' note nor deed of trust authorized Loandepot to assess the charges. Additional fees beyond principal and interest also run afoul of the West Virginia Consumer Credit and Protection Act, attorneys for the plaintiff claimed.??


Commercial delinquencies jump at banks

Late payments on income-producing loans at depositories recently experienced their largest leap in at least five years as concerns in the office sector intensified. At 1.03%, bank performance is relatively favorable but the third quarter numbers are up 23 basis points compared to the previous fiscal period and have risen above 1.02% for the first time since fourth-quarter 2020, according to a recent Standard & Poor's Capital IQ report. While this is notable, commercial real-estate risk hasn't risen to a level where it jeopardizes global systemically important banks, according to a separate DBRS Morningstar study, which describes it more as a widespread loan-level issue.


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CHESTER SWANSON SR.

Realtor Associate @ Next Trend Realty LLC | HAR REALTOR, IRS Tax Preparer

1 年

Thanks for the updates on, The NMN.

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