Not all depositories are retreating from the MSR market. The credit union industry reported a combined $197.6 billion in mortgage servicing for others at March 31, up 1.5 percent…
House Fires Shot Across CFPB’s Bow, Passes Financial CHOICE Act. The GOP-controlled House of Representatives followed through on the majority’s often expressed intention to largely eviscerate the CFPB, passing H.R. 10, the Financial CHOICE Act, the Republican alternative to the Dodd-Frank Act. The measure passed on a vote of 233-186. All eyes now turn to the Senate Banking, Housing and Urban Affairs Committee, where Mike Crapo, R-ID, will play a pivotal role in Republican efforts to roll back the bureau. “Today’s passage of the Financial CHOICE Act is a significant and thoughtful effort to improve our financial regulatory system,” Crapo said after the vote. “Many of the provisions in this legislation are responses to the failures and consequences of Dodd-...
More than 68 percent of mortgage defects reported in 2016 involved TRID-related and/or loan package documentation issues, according to the latest mortgage quality control industry trends report from ACES Risk Management (ARMCO). “In 2016, the entire lending industry was impacted by the enhanced regulatory oversight of the CFPB as the long-awaited implementation of TRID was fully realized,” the report noted. “Many lenders spent the better part of the first quarter addressing the multitude of mistakes associated with TRID.” In some instances, this produced loans that could not be sold on the secondary market. “A wave of corrective action followed, and soon the sheer amount of resources directed at solving these issues became overwhelming for many lenders,” ARMCO added. The top...
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