Help Complying With Financial Regulations

Help Complying With Financial Regulations

Help Complying With Financial Regulations
Mortgage Daily
June 11, 2014

Digital Risk Chief Legal Officer, Debbie Hoffman discusses financial regulations and risks within the mortgage industry that need to be consistently managed. Service providers must be on their toes to keep up with these frequent changes that play such a big part in the mortgage industry. Additionally each state interprets these regulations differently adding increased difficulty to what is already a complex process.

Hoffman examines the different compliance policies and procedures that could be required for financial institutions as a result of the various interpretations. “Banks are subject to both ‘trickle up’ and ‘trickle down’ examination/audits from both state and federal regulatory bodies, and thus it is critical that banks assess the existence and depth of regulatory knowledge and compliance of a mortgage company or other vendor,” says Debbie. This poses systemic regulatory risk to vendors depending on the states in which they operate. In order to help minimize much of the risk, licensing requirements are consistently becoming more stringent, especially for mortgage loan originators at non-bank lenders, with an individual license needed for each state in which they operate in addition to the required MLO license.

Hidden Risk of Home Equity Loans

The Hidden Risk of Home Equity Loans

The Hidden Risk of Home Equity Loans
Yahoo! Finance
June 10, 2014

Jeffrey Taylor, co-founder and managing partner at Digital Risk, notes that according to Equifax, when a reset occurs, the serious delinquency rate – when the loan is 90 days or more past due and nears default – jumps from 3 percent before reset to 5.6 percent afterward. “That is a big deal and makes bankers worry,” says Taylor…”

Making Sense of Your Credit Report

How to Make Sense of Your Credit Report

How to Make Sense of Your Credit Report
Market Watch
June 2, 2014

“The percentages attached to each category can help consumers determine which areas are most important to their score. According to Jeff Taylor, managing partner of Digital Risk, Inc. , the most important items in your report are delinquencies and charge-offs, your percentage of revolving credit that is open (e.g. how much debt you owe versus how much credit you have available), and recent credit inquiries.”

Debbie Hoffman In the News

Building from Without and Within

Building from Without and Within
Inside Counsel
May 21, 2014

“With experience working at Thacher Proffitt & Wood, LLP as well as teaching classes at the University of Central Florida (UCF) and Florida A&M, it’s no wonder that Debbie L. Hoffman, the first chief legal officer at financial services firm Digital Risk, has designed a leadership program that, in her words, is “like a firm.””