Ten trade organizations and community groups this week sent a letter to FHFA Director Mel Watt imploring him to suspend the quarterly GSE dividend paid to the Treasury Department...
Although statistics are hard to come by, Mid America believes it is one of the most active buyers of such mortgages, most of which are nonconforming jumbos.
More Gripes About TRID Dribble In. After what seemed like a lull in hearing complaints from lenders regarding the integrated disclosure rule known as TRID, the gripes are picking up again. At least that’s what we detected from some originators a few days ago. One loan broker who works the southern California market said she’s been telling some clients that it will take an extra seven days to close. “It was 15 before wholesale caught up, but now they’re behind again due to heavy sales volume.” Broker Slams Bureau’s Complaint Database. While he was running for a House seat in West Virginia, mortgage trade group president Marc Savitt was mostly quiet on issues tied to the CFPB. But now that ...
Consumer complaints about their mortgages fell from the second-most complained about financial product or service in March, after debt collection, to third place in the CFPB’s monthly ranking for April. Credit reporting moved up into the second slot. The latest data show 7,300 consumer gripes to the CFPB last month, based on the bureau’s three-month rolling average. That was down 9 percent since the prior month. There were 4,587 consumer criticisms related to credit reporting in April, off 6 percent from March’s level.And mortgage-related kvetching dropped 12 percent, down to 4,347 notices. These three products accounted for about 68 percent of the 23,870 complaints submitted in April of this year. Elsewhere in the data mix, complaints about payday lending ...
The CFPB deserves a lot of credit for successfully taking on so many challenges simultaneously when it was created by the Dodd-Frank Act, a former bureau official said. Yet, numerous challenges continue to confront the bureau. “I think, from an accomplishment perspective, it’s been amazing for the bureau to be able to establish the infrastructure for a brand new federal agency at the same time that it’s been very active in evolving new rules and also pursuing supervision and enforcement and consumer response activities,” said Quyen Truong. She is a former assistant director and deputy general counsel of the CFPB from 2012-2016 (right after the Elizabeth Warren era), having joined Stroock & Stroock & Lavan LLP as a partner in ...
A handful of industry groups told the CFPB last week that the agency’s recent report on consumer testing of periodic statements for homeowners who have filed a bankruptcy petition is of limited usefulness without a full-fledged regulation to review at the same time. The testing itself was inadequate as well. “While we appreciate the opportunity to comment on the testing, we note that the statements have only limited meaning without their accompanying regulation,” said the Consumer Mortgage Coalition, the Credit Union National Association, and the National Association of Federal Credit Unions, in conjunction with the Mortgage Servicers Working Group. They said that, in several areas, they were unable to understand what the statements reflect because they did not have an ...
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