What does a depository do if it has a mortgage with a TRID error?

The improved R&W framework has been a big plus for GSE sellers...

SFIG noted that the proposal won’t supplant the group’s efforts to pursue a resolution from the CFPB to uncertainty related to TRID exceptions.

Former Fannie CFO Howard said this leaves the government-controlled mortgage giant to pay about $7 billion over the next 10 years in premiums and hedging costs.

With rates rising of late, MSR pricing should firm up...

With commercial banks continuing to pare back their role in the mortgage market, nonbanks are aggressively hiring top performers.

The mortgage chiefs at “marketplace” lender SoFi were at the recent ABS Vegas show talking up their business with other lenders...

Late last week, secondary market officials said the CFPB has been informed about the recent failure of W.J. Bradley Mortgage of Colorado and how it was caused by jumbo loans backing up on the nonbank’s warehouse line due to errors complying with the bureau’s integrated disclosure rule. At this point, it’s hard for some industry observers and officials to gauge just how bad those errors were. However, the bigger issue may be that curing TRID errors (especially small ones) is the key to solving the current TRID-mess afflicting the residential finance industry. Some industry observers wonder whether a fix can be made that helps mortgage compliance attorneys sleep at night. Right now, the answer to that question appears to be ...

Despite efforts by certain factions of the industry to come up with legal protections regarding errors on TRID disclosures, the “scratch and dent” market for problem loans continues apace. According to Jeff Bode, CEO of Mid America Mortgage – one of the most active buyers of mortgages with TRID errors – product is still being offered on a regular basis. “Offerings have not slowed,” Bode told affiliated publication IMFnews, “though, eventually, I think it will.” On average, Mid America bids on at least eight TRID scratch-and-dent loans a day. Some lenders report they have totally adjusted to the new TRID disclosures, while others continue to be plagued by errors and delays. Meanwhile, the CFPB plans to hold an hour-long webinar on Tuesday,...

With the CFPB declining to provide any more formal guidance on legal liability for secondary market players when originators make errors in TRID mortgage disclosures, a group of due diligence firms is moving ahead with its own clarifications. High-level sources familiar with the matter who spoke under the condition of anonymity said the forthcoming clarifications have been vetted by legal counsel and are almost ready for approval. Several top third-party review/due diligence firms are involved in the effort, including Clayton Holdings and Opus. All the major rating agencies are reportedly involved as well. “We’re working to calibrate our methodology, to bring it in line with the spirit of the CFPB letter,” said one attorney close to the matter. He was ...