Now that mortgage lenders have had a year to digest the CFPB’s controversial TILA/RESPA Integrated Disclosure Rule, smaller financial institutions have learned to cope to a certain degree, but there are still challenges and costs. That’s the perspective of Ron Haynie, senior vice president of mortgage finance policy and executive vice president of mortgage services for the Independent Community Bankers of America. “I guess the good news is the market didn’t seize up and mortgage closings didn’t come to a screeching halt or average turn times didn’t get out to 60 days plus,” he told Inside the CFPB recently. “While things slowed down in the beginning, average turn times seemed to have settled around 46 days. And while that’s still ...
The White House Council of Economic Advisers put out a report recently downplaying the negative effects that the Dodd-Frank Act has had on community banks. “Economic evidence finds that community banks remain strong across a range of measures, from lending growth to geographic reach, including their performance since financial reform passed in 2010,” the report stated. The Obama administration report also asserts that access to community banks remains robust and their services have continued to grow in the years since Dodd-Frank has taken effect, “though this trend has not been uniform across community banks, with mid-sized and larger community banks seeing stronger growth than the smallest ones,” it conceded. “At the same time, though, many community banks – especially the smallest ...
Back in August, the CFPB proposed to dump the current “dispute” function in the consumer complaint closing process and replace it with a short survey – an idea that went over like a lead balloon with the mortgage industry. Through the proposed survey, a customer would have the opportunity to state, using a one- to five-point scale, whether he agreed or disagreed with the following three statements regarding the company’s response to, and handling of, his complaint. They are: “The company addressed all of my issues,” “I understood the company’s response,” and “The company did what it said it would do.” The customer would also be given the opportunity to provide a narrative description to explain the rating. The Consumer Bankers ...
Comments on TRID 2.0 Are Due Tuesday. Representatives of the mortgage industry have until 11:59 p.m. ET Tuesday, Oct. 18, 2016, to submit their comments to the CFPB regarding its TRID 2.0 clarifying proposed rule.... CFPB Issues Revised TRID Guide to CD, LE Forms. The CFPB recently published an updated guide to the TRID loan estimate and closing disclosure forms, which was last revised in July 2015.... Bureau Releases Updated TRID Compliance Guide for Small Entities. Earlier this month, the CFPB put out a revised small entity compliance guide for the TILA/RESPA Integrated Disclosure rule, which was last updated in July 2015....
MBA Presses CFPB to Review PACE Lending. Earlier this year, the Mortgage Bankers Association wrote to the CFPB to express its concerns about Property Assessed Clean Energy (PACE) lending programs, one of which has to do with a borrower’s ability to repay the financing.... CFPB Brings $28.5 Million Enforcement Action Against Navy Fed. Last week, the CFPB and Navy Federal Credit Union, the largest CU in the U.S., signed a consent order requiring the institution to pay roughly $23 million in redress to victims harmed by its allegedly improper debt collection actions, along with a civil money penalty of $5.5 million to the bureau.... CFPB Announces Senior Leadership Changes. The CFPB recently announced some senior leadership changes at the bureau, such as John Coleman, who will serve as deputy general counsel for litigation and oversight in the legal division....
But there’s also the case of certain nonbank lenders that are affiliated with homebuilding firms. In some cases, these mortgage professionals can earn as little as 35 bps per loan originated.
The MMIF had $30.86 billion in capital resources at the end of fiscal 2015. HUD does not provide updated figures on the fund’s capital resources through the year…
Bank of America’s mortgage division posted $297 million in residential income for 3Q compared to $267 million in 2Q and $290 million in the third quarter of last year.
Some good news for default servicing: For all the loans that are out there, there will always be excessive debt, illness, divorce, unemployment, or some other disruptive factor, noted one expert.
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