One trade group said Phillips has already reached out to the industry, gathering opinions on key issues facing the market, including Fannie and Freddie…

In a March 24 advisory, the Treasury Department announced its change of heart regarding the legal structure of the FHFA…

LenderLive hired a majority of the former PHH employees and rebranded the private-label facility...

CEO Mat Ishbia said the interest-rate issue concerned just 5 percent of the lender’s loans that were closed in California between 2011 and 2014. “We didn’t benefit one penny and not one borrower was harmed,” he said.-

Jeff Detwiler, president of Long & Foster, which also owns a mortgage banking firm, said the company’s attrition rate “is at its lowest.”

A new Inside Mortgage Trends analysis reveals that the supply of mortgages originated in the wholesale-broker market fell 42.8 percent during 1Q17…

“There are a couple of big banks looking at FHA again,” said the consultant, but he declined to identify the shops, citing client confidentiality.

New York State Aligns State Law With TRID. New York Gov. Andrew Cuomo, D, recently signed into law Senate Bill S982, legislation that tweaks the existing state legal definition of the “consummation” of a mortgage loan to synchronize with the Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure Rule promulgated by the CFPB.... Industry Need to Get TRID-Compliant Boosts DocMagic’s Bottom Line. Industry vendor DocMagic, based in Torrance, CA, late last week reported a 42 percent increase in revenue for 2016, due in large part to industry demand for products that enable compliance with the CFPB’s Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure Rule, otherwise known as TRID....

Thanks in part to the recent consent order Wells Fargo reached with the CFPB, the Office of the Comptroller of the Currency recently gave the top mortgage lender in the U.S. a rare “needs to improve” rating under the Community Reinvestment Act – this despite citing Wells’ overall “outstanding” performance on the lender’s performance examination components, the lender noted. The rating is based on the most recent CRA performance evaluation, which covers the years 2009-2012. The agency referenced the lender’s recent $100 million consent order with the CFPB, and a related action brought by the city and county of Los Angeles that resulted in a $50 million fine, and numerous other enforcement actions. The OCC said the bank’s overall CRA performance ...

In remarks recently at an event of the U.S. Chamber of Commerce, CFPB Director Richard Cordray spelled out how the bureau is trying to aid the mortgage industry’s compliance efforts by promoting greater understanding of its rules, as well as regulatory review, streamlining and modernization. “Our efforts with the mortgage rules went much further than simply reacting passively to industry inquiries (though we have fielded thousands of them),” the director said. “We also took affirmative steps to help the industry understand our rules through publications, videos, webinars, and phone calls with individual institutions.” The bureau adopted a diagnostic and corrective approach to supervision in the early months to ease anxieties about the difficulties of complying with certain components of the ...