Two thoughts: Force colleges to forgive a large chunk of what’s owed to them and/or order real estate agents (and sellers) to drastically reduce the asking price on homes. Which would you choose?
Analysts will be keeping a close eye on servicing marks from Nationstar Mortgage, PHH Corp., Stonegate Mortgage and Walter Investment Management Corp., the parent of Ditech…
Renzi joined Walter this past fall with a pay package that could top $5 million in his first year at the helm. He previously held senior positions at Citigroup and Freddie Mac.
Comments on TRID 2.0 Are Due Tuesday. Representatives of the mortgage industry have until 11:59 p.m. ET Tuesday, Oct. 18, 2016, to submit their comments to the CFPB regarding its TRID 2.0 clarifying proposed rule.... CFPB Issues Revised TRID Guide to CD, LE Forms. The CFPB recently published an updated guide to the TRID loan estimate and closing disclosure forms, which was last revised in July 2015.... Bureau Releases Updated TRID Compliance Guide for Small Entities. Earlier this month, the CFPB put out a revised small entity compliance guide for the TILA/RESPA Integrated Disclosure rule, which was last updated in July 2015....
Back in August, the CFPB proposed to dump the current “dispute” function in the consumer complaint closing process and replace it with a short survey – an idea that went over like a lead balloon with the mortgage industry. Through the proposed survey, a customer would have the opportunity to state, using a one- to five-point scale, whether he agreed or disagreed with the following three statements regarding the company’s response to, and handling of, his complaint. They are: “The company addressed all of my issues,” “I understood the company’s response,” and “The company did what it said it would do.” The customer would also be given the opportunity to provide a narrative description to explain the rating. The Consumer Bankers ...
The White House Council of Economic Advisers put out a report recently downplaying the negative effects that the Dodd-Frank Act has had on community banks. “Economic evidence finds that community banks remain strong across a range of measures, from lending growth to geographic reach, including their performance since financial reform passed in 2010,” the report stated. The Obama administration report also asserts that access to community banks remains robust and their services have continued to grow in the years since Dodd-Frank has taken effect, “though this trend has not been uniform across community banks, with mid-sized and larger community banks seeing stronger growth than the smallest ones,” it conceded. “At the same time, though, many community banks – especially the smallest ...
Now that mortgage lenders have had a year to digest the CFPB’s controversial TILA/RESPA Integrated Disclosure Rule, smaller financial institutions have learned to cope to a certain degree, but there are still challenges and costs. That’s the perspective of Ron Haynie, senior vice president of mortgage finance policy and executive vice president of mortgage services for the Independent Community Bankers of America. “I guess the good news is the market didn’t seize up and mortgage closings didn’t come to a screeching halt or average turn times didn’t get out to 60 days plus,” he told Inside the CFPB recently. “While things slowed down in the beginning, average turn times seemed to have settled around 46 days. And while that’s still ...
One year into the TRID rule, the mortgage industry has gotten used to the new disclosure landscape. But until consistent legal precedents are established by the courts, true certainty will be elusive, and that likely means years will have to transpire before the rule’s full impact will be known. “I think the industry as a whole has met the challenge and settled into the TRID process, which everyone knows was radically different than what it replaced,” said Donald Lampe, a partner in the financial services group in the Washington, DC, office of the Morrison & Foerster law firm. “And so I see the industry settling in to the use of these new forms and the changes that these disclosures imposed ...
Earlier this month, the CFPB’s controversial TILA/RESPA Integrated Disclosure rule – TRID – turned one year old. In an email exchange with Inside the CFPB, former bureau official and TRID architect Richard Horn, who now heads his own law firm in Washington, DC, addressed the progress the industry has made in adopting the rule, and the challenges that remain. Horn began by saying he thinks the industry has generally done a great job with the extremely difficult task of implementing TRID. Also, “I am very pleased that some of the recent industry surveys of consumers after TRID have shown that consumers are experiencing the intended benefits,” he said. “There are challenges still, but it’s a good sign that the CFPB issued the ...
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