January 19, 2022

In This Issue:

  • Triple Whammy Slows Builders
  • Report: Fraud Costs, Frequency Remain Significantly Higher than Pre-pandemic for Mortgage Lenders
  • FDIC and FinCEN Launch Digital Identity Tech Sprint
  • ICYMI: Finance Commission of Texas Announces Appointment of Savings and Mortgage Lending Department Commissioner Hector Retta

Triple Whammy Slows Builders

Banker and Tradesman | Jan. 16, 2021
Homebuilders are an optimistic bunch. They normally purchase land or finished lots, spend thousands on lumber and myriad other materials, and start putting up houses -- often before the first customer walks in the door.

That's not the case now, though, and hasn't been for months. Because of the shortage of existing homes for sale, builders are selling everything before they even put a shovel in the ground.

According to market research firm Zonda, builders with available inventory are generally still selling well. In November, sales hit a seasonally adjusted annual rate of 744,000: a 12% gain from 662,000 in October.
 
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Report: Fraud Costs, Frequency Remain Significantly Higher than Pre-pandemic for Mortgage Lenders

ALTA | Jan. 12, 2022
Digital transformation was already well underway when the pandemic hit, but there’s no denying that COVID-19 greatly accelerated the trend. In doing so, it fundamentally changed how people interact with businesses in a very short time.

Consumers, even those who were less tech-savvy, rapidly migrated to online and mobile channels. Unfortunately, so did fraudsters. And they did so with fervor, continually testing and refining their methods, seeking out new vulnerabilities to exploit.

In particular, financial services and lending companies became a frequent target. According to the latest report from LexisNexis Risk Solutions, the cost of fraud for U.S. financial services and lending firms is between 6.7% and 9.9% higher than before the pandemic. This is driven by mortgage lending (up 23.5% since pre-COVID-19) and a continued upward trend among banks (+13.0%). Fraud costs and attack volumes remain significantly higher compared to before the COVID-19 pandemic.
 
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FDIC and FinCEN Launch Digital Identity Tech Sprint

U.S. Treasury | Jan. 11, 2022
The Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) today announced a Tech Sprint to develop solutions for financial institutions and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate, and verify information about a person. Through the Tech Sprint, FDIC’s tech lab (FDITECH) and FinCEN seek to increase efficiency and account security; reduce fraud and other forms of identity-related crime, money laundering, and terrorist financing; and foster customer confidence in the digital banking environment.
 
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ICYMI: Finance Commission of Texas Announces Appointment of Savings and Mortgage Lending Department Commissioner Hector Retta

Texas Finance Commission | Jan. 6, 2022
On December 16, 2021, the Finance Commission of Texas appointed Hector Retta the new Commissioner of the Department Savings and Mortgage Lending, effective February 1, 2022. 

Hector Retta of El Paso, Texas, will serve as the tenth commissioner of the department. Mr. Retta previously served as President, Chief Executive Officer, and Vice Chairman of Capital Bank, SSB in El Paso, Texas, from July 2010 until June 2017. Mr. Retta was Executive Vice President and Regional President of Wells Fargo in Orange County, California, from 2009 until 2010, and Senior Vice President and Regional President of Wells Fargo Border Banking from 2005 until 2009. Prior to his association with Wells Fargo, Mr. Retta was a Managing Director, Private Client Services with JPMorgan. He is a native of Dallas, Texas, and earned a BBA and an MS in Economics from Baylor University.
 
TLTA Editor's Note: TLTA has enjoyed a strong working relationship with previous leadership at TDSML on issues of common concern, and we look forward to working with Commissioner Retta. Congratulations, commissioner.  


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