Two industry sources confirmed this week that the Consumer Financial Protection Bureau will, indeed, begin examining for compliance with the integrated disclosure rule known as TRID this month.
House Financial Services Committee Chairman Jeb Hensarling, R-TX, detailed in a speech a proposal that House Republicans have been working on that would replace the Dodd-Frank Act, including some important changes that would scale back the powers of the CFPB. The bill would shift the agency’s mission to include both consumer protection and maintaining competitive markets, with a cost-benefit analysis of rules performed by an Office of Economic Analysis. Also, it would replace the current single director with a bipartisan, five-member commission which would be subject to congressional oversight and appropriations.
The 11th annual Xerox Path to Paperless Survey finds what appears to be an accelerated pace toward making the paperless mortgage a reality. And the CFPB’s integrated disclosure rule known as TRID is apparently helping.
Rep. Jeb Hensarling, R-TX, chairman of the House Financial Services Committee, rolled out some of the details of a Republican proposal to replace the Dodd-Frank Act, the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs) Act. The proposal includes the text of a measure already passed by the House, which would provide a QM safe harbor for any mortgage that has been held in portfolio by a depository institution since origination.
Fannie Mae recently provided sellers with a little more guidance on its expectations related to lender self-reporting of errors in complying with the CFPB’s new disclosure regime under the Truth in Lending Act and the Real Estate Settlement Procedures Act.
Open Mortgage announced they have been approved as a seller with Fannie Mae, joining the likes of So-Fi, another marketplace lender which was approved as a Fannie seller/servicer in May.
Originally scheduled to be implemented the weekend of June 25, Fannie Mae announced on Friday that it is delaying the release of Desktop Underwriter Version 10.0 due to concerns that came up during the testing phase.
Fannie Mae and Freddie Mac produced $73.23 billion of single-family mortgage-backed securities in May, a solid 6.3 percent increase from April, according to a new ranking and analysis by Inside The GSEs.
Mortgage lenders of different charters and sizes are in a hiring mode as the summer approaches, thanks to continued low interest rates and a strong job market. Moreover, origination profits are picking up. All of this spells good news for anyone with mortgage experience – be it loan officers, underwriters and especially technology workers with software writing and compliance-related backgrounds. “Most of our hiring has been around the technology side of the business,” said ...
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