Despite the uncertainty over marketing services agreements caused by Consumer Financial Protection Bureau enforcement actions, MSAs are still legal and viable, as long as they are properly ordered, according to industry experts at Lenders Compliance Group, a consulting firm in Long Beach, NY. During a webinar this week, three compliance pros at the firm delved into the first big splash the CFPB made on the MSA front, its Sept. 25, 2014, consent order with ...

Mortgage lenders have entered a new, unfamiliar zone of regulation with the TILA-RESPA Integrated Disclosure (TRID) rule, which became effective on Oct. 3. The Stratmor Group, a mortgage consulting firm, said reaching out to borrowers prior to loan closing increases borrower satisfaction significantly, which regulators may view as a positive indicator of good-faith efforts to comply with the complex new rule. “One aspect of TRID compliance is making sure that the customer ...

The volume of cash-out refinance in the second quarter reached its highest level in five years as more borrowers take advantage of rising home values, according to Black Knight Financial Services. Cash-out refinance volumes in the second quarter of 2015 rose close to 70 percent from the same period last year, said Ben Graboske, a Black Knight senior vice president. Today’s levels are comparable to those in 2006, with borrowers now taking out an average of ...

A slightly larger percentage of mortgage loan applications were turned down by lenders in 2014 than in 2013, according to Home Mortgage Disclosure Act data. The reason may be linked to the early 2014 effective date for the ability-to-repay rule and the qualified mortgage standard. The two most common reasons for loan denial have historically been poor credit history and excessive debt-to-income ratio. Both became more prevalent in 2014 ... [Includes one data chart]

Although overall MBS volume was down, lenders delivered a healthy $115.16 billion of purchase-money mortgages to the GSEs during the third quarter.

Although the TRID bill passed by a huge margin and with bi-partisan support, President Obama is threatening a veto.

“The issues that have impeded the regulators’ ability to conduct electronic examinations must be rectified, and when resolved, will enable a more efficient and timely regulatory process,” said Karyn Tierney, chair of the MMC.

The new remedies framework includes more transparency about the factors a GSE will weigh in determining whether a defect is significant.

Meanwhile, PHH's partner, Realogy, this week said it intends to raise $1.15 billion through the sale of senior notes.

Fear and loathing over marketing service agreements heats up. Kickbacks?