There is plenty of speculation in the mortgage industry these days about which issues are going to be addressed in the CFPB’s pending proposed rule to clarify many of the uncertainties associated with its Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure Rule, commonly known as TRID. During a panel discussion at the American Bankers Association’s annual regulatory compliance conference in San Diego earlier this month, Rodrigo Alba, senior vice president and senior regulatory counsel with the ABA, speculated that one of the main areas the bureau will address is the codification of the informal guidance CFPB officials have provided since the rule was released. As he sees it, the bureau will take all of the content and ...
Velocify, a provider of sales automation software, found that lenders that invest in technology to meet changing borrower expectations are more likely to grow.
Given the high stakes associated with the CFPB’s Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure Rule, commonly known as TRID, the mortgage lending industry perhaps can be forgiven for being hyper-sensitive to minute, incremental change, whether it be another clarifying rulemaking or a change in enforcement.Sometimes, these developments could be a matter of perception or semantics; at other times, facts on the ground may actually be changing. “Uncertainty about enforcement on TRID mirrors the uncertainty on the rule itself. TRID has been an extremely complex regulation for the industry to implement,” American Land Title Association CEO Michelle Korsmo told Inside the CFPB. “ALTA has continuously encouraged the CFPB to provide more written guidance on the 1,888-page ...
Actual repurchases or replacements were substantially below the $541.8 million in buyback requests that were withdrawn by the GSEs during the first quarter…
The Congressman noted that outside of a study done in 2011, the administration has had little engagement with Congress on a path toward ending the conservatorships, which are almost eight years old...
Fannie Mae’s $759 million new headquarters has been the centerpiece of public criticism over the past week. A Federal Housing Finance Agency Office of the Inspector General report criticized the FHFA for allowing what it called excessive spending on the downtown Washington, DC, headquarters, which broke ground in mid-May. The review stemmed from an anonymous hotline complaint alleging overspending on the project. The IG questioned the FHFA’s oversight and recommended the agency closely scrutinize the building’s plans and budget. The problem arose when the cost to build out the new space to Fannie’s specifications increased by 54 percent from January 2015. Costs rose from $164.32 square feet to $252.81 square feet. Then back down some in May 2016 to $223.35/square foot.
An Arkansas Congressman introduced a bill last week that would require the Treasury Department to annually exam the possibility of ending the GSE conservatorship.Rep. French Hill, R-AR, said H.R. 5505, the GSE Review and Reform Act, would require Treasury Secretary Jack Lew to lead the reform of Fannie Mae and Freddie Mac. It would amend the Consumer Financial Protection Act of 2010 to require annual studies on ending the conservatorship of the GSEs. He noted that outside of a study done in 2011, the administration has had little engagement with Congress on a path toward ending the eight-year conservatorship and reforming the “broken” housing finance system. Hill added that the...
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