Dan Perl, who runs Citadel Loan Servicing, Irvine, CA, said he woke up Monday morning and immediately cut his rates by 25 basis points across the board.
The Federal Financial Institutions Examination Council should institute an official transition period to provide lenders greater clarity and certainty in anticipation of the CFPB’s new TILA/RESPA integrated disclosure rule (TRID) slated to take effect Oct. 3, the American Bankers Association said in a letter to the financial regulatory group. The CFPB is one of the regulatory bodies that comprise the FFIEC. “We request that the FFIEC – on behalf of all banking regulators – formally establish a transition period and clarify how regulators will oversee and examine regulated institutions for TRID compliance during this time,” the ABA said in a recent letter to the council. “In so doing, the FFIEC would provide needed certainty to the credit markets and encourage lenders to ...
A number of consumer-oriented organizations are urging members of Congress to defeat H.R. 1737, the “Reforming CFPB Indirect Auto Financing Guidance Act,” legislation they say would cripple the bureau’s ability to act against discriminatory auto lending practices. H.R. 1737, introduced this spring by Rep. Frank Guinta, R-NH, would require the CFPB to rescind its guidance from March 2013 regarding the fair lending risks associated with car dealer interest rate markups. The bill also would require the bureau to provide notice and take comments only for guidance related to auto lending through car dealers. Additionally, the legislation would make publicly available all information relied on by the CFPB, and redact any information exempt from disclosure under the Freedom of Information Act....
The National Association of Women in Real Estate Businesses is among the industry groups that generally support the final interagency statement on diversity policies and practices issued by the CFPB, the federal banking regulators and the Securities and Exchange Commission. However, in its comment letter to the agencies, one of the issues the group addressed was ways to enhance the quality, utility and clarity of the information to be collected under the final statement. “Detail is important; when releasing information, agencies and their regulated entities must carefully detail the ways they are promoting diversity and the success and shortcomings of each of their efforts,” the NAWREB said. “The difficulty will always be ensuring that the minority and women inclusion is ...
Get Your TRID On. The CFPB has put out a Know Before You Owe guide for real estate professionals to help them navigate the upcoming TILA/RESPA Integrated Disclosure rule, otherwise known as TRID. The guide spells out the major elements of the rule, such as the steps associated with closings, and provides an explanation of the new disclosures. Industry pros can download from the bureau’s website print-ready versions in Adobe Acrobat PDF format as well as pre-order printed copies from the U.S. Government Printing Office. TRID Drives ClosingCorp to Integrate With Savana’s Loan Origination Product. ClosingCorp, a San Diego-based residential real estate closing cost data and technology vendor for the mortgage and real estate services industries, has integrated its Loan ...
Commercial banks and savings institutions kept increasing their stake in agency mortgage-backed securities during the second quarter of 2015, according to a new Inside MBS & ABS ranking and analysis.
Commercial banks and savings institutions continued to grow their investments in agency MBS during the second quarter of 2015, according to a new Inside MBS & ABS ranking and analysis. Banks and thrifts held $1.583 trillion of agency and non-agency MBS on their balance sheets at the end of June. That was up just 0.3 percent from the first quarter, but it was the highest level since the first nine months of 2012, when bank and thrift MBS holdings topped $1.60 trillion. All the gain came...[Includes two data tables]
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