Special offer

More Banking Oversight

By
Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149

Today MReport reported that banks are seeing an increase in in-house regulators.  These regulators are not hired by the bank but by the Federal Reserve Bank of New York and the Office of the Comptroller of the Currency.  Read more about it at "Big Banks Seeing More Regulators in House"

I have not noticed any new personal at McCue Mortgage that would possibly be filling this role, but "Oversight and Bank Regulator" are not foreign to us.  We as well as other Lenders like ourselves get audited on a regular bases, and you never know what files will be requested by regulators.  As if this is not enough, we do our own in-house audits, as well as have a Quality Control Department that inspects our loans in process, and closed loans.

Lenders these days are under heavy scrutiny, and there is very little chance of unethical practices going unnoticed.  These days Lenders are making sure that every "i" is dotted, and every "t" is crossed.  Who knows maybe we do have some of those Federal Reserve and Comptroller of the Currency regulators running around at McCue Mortgage.  If they are, we must be doing something right, because I have not seen our name in the headlines in the newspaper :)

 

******************************************************************************************************************

Who To Call For Your Mortgage Needs In Connecticut:

George Souto NMLS# 65149 is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308  gsouto@mccuemortgage.com, or visit my McCue Mortgage Homepage.

Posted by

George Souto
NMLS# 65149

C (860) 573-1308
CALL 7 Days/Wk
Fax (860) 760-6891

Email Me
About Me
My Blog

I am a Mortgage Loan Officer who can assist you with all your mortgage & refinancing needs in
CT, and RI

I can assist you with your Conventional,
FHA, CHFA, VA, USDA, & 203K loan programs.

I reside in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Haddam. E. Haddam, Higganum, Chester, Essex, Deep River.

 

Comments(14)

Linda K. Mayer
License # 01767321 - La Verne, CA
Realtor, SRES, SoCAL, A REALTOR YOU CAN TRUST

Gee, George, and here I thought the government was getting OUT of the mortgage biz!  LOL

Jun 21, 2011 11:28 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Linda, that is what they tell us ............ LOL

Jun 21, 2011 11:29 AM
Al & Peggy Cunningham, Brokers
RE/MAX West Realty Inc., Brokerage - Brampton, ON
Our Family Wants To Help Your Family!

Sometimes not being in the spotlight is a good thing and this is one of them George! Congratulations on being with a clean ship! 

Jun 21, 2011 01:56 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

George

Ah, more government spending and regulation. I wonder who THEY are accountable to?

It seems like they ought to work on getting the REO and short sale process in order, too.

Jeff

Jun 21, 2011 02:26 PM
Karen Bernetti
Southington, CT

Good job staying out of the headlines George.  Keep up the good work - which sounds like it's getting harder every day to do! 

Jun 21, 2011 03:07 PM
Barbara Altieri
Better Homes and Gardens RE Shore and Country Properties - Shelton, CT
REALTOR-Fairfield County CT Homes/Condos For Sale

George -- If they're embedded, you likely wouldn't know who they are.  McCue mortgage obviously has nothing to worry about being so proactive with its in-house audits and checkpoints. 

Jun 22, 2011 04:20 PM
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Maybe I am missing something George but this sounds like a good thing to me?

Jun 23, 2011 12:15 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Al and Peggy, yes this is not something that you want to make the headlines on :)

Jeff I think that is something that the article is trying to bring out, and where is the money coming from for this.

Karen, I am all for accountability, but it reaches a certain point that it starts to become over kill.

Barbara, I would imagine that higher management would know since they authorize all of the hiring, they would have to know who really is an employee, and who is there to just check on things.

Bill I am not saying that this is bad, but how many layers of inspecting and re-inspecting does there need to be.  The Banking Commission is already doing unannounced audits, maybe this serves a purpose as well, but how many layers of oversight do we need, before it is just a duplication of what is already being done.  I am all for oversight, I am just not for wasting money.

Jun 23, 2011 01:42 AM
Nick T Pappas
Assoc. Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, Broker/Providence Property Mgmnt, LLC Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

George, regarding a recent transaction of mine...it seemed as though there were many, many "layers". Just when we thought everything was a go we hit a new snag with the lender requesting, clarification, new documentation redundant information submitted. 

Jun 23, 2011 08:06 AM
1~Judi Barrett
Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

George, sounds like your office has nothing to worry about.  You're probably more picky and stringent that any inspector would be.

Jun 24, 2011 01:46 PM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

George I wouldn't expect any less from a company you are  associated with. 

Have a great weekend.

Jun 24, 2011 02:21 PM
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

George - Good to hear McCue is safe and sound.  As far as this goes, no news is good news - right?

Jun 26, 2011 03:04 PM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

George,

"We're the government, and we're here to help you..."  :)

Mike in Tucson

Jun 27, 2011 05:16 PM
Ann Hayden 636-399-7544
Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri - Des Peres, MO
SelectAnn.com

George,

Sometimes there can be too much oversight!

Ann Hayden in Wildwood, MO

Jun 28, 2011 04:57 AM