Last week we saw DOJ fair lending settlements with Plaza Home Mortgage and Southport Bank regarding pricing in wholesale lending, this week we have Chevy Chase Bank (now part of Capital One) in a settlement with DOJ based on pricing in retail as reported by David Skanderson of Charles River & Associates on our Linked In Blog.
And still I find myself amazed that lenders continue to monitor and notate files after a loan closes, instead of during the process of the loan. By then the consumer is harmed and all you are left with is clean up and fines! Organize the data upfront, monitor it real time and verify before you close. Isn’t this what we do with every other part of the file??