Real estate, title and mortgage industry groups are doing more than lobbying Congress and the CFPB for relief when it comes to compliance with and enforcement of the bureau’s Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure (TRID) rule. They are also continuing to work hard to get their own respective memberships as up to speed as possible before examiners show up on their doorsteps. For instance, the American Bankers Association sent a letter to member CEOs last week to assist executive management and line business managers in decision making as the industry completes final arrangements to comply with TRID. “Bankers are making assessments of systems readiness, staff training, capabilities of settlement services providers, and potential compliance risk ...

The full House of Representatives is expected to vote sometime this week on legislation that would provide a regulatory and legal safe harbor for mortgages originated under the CFPB’s Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure (TRID) rule until Feb. 1, 2016. Speaking of the legislation at issue, H.R. 3192, the Homebuyers Assistance Act, House Majority Leader Kevin McCarthy, R-CA, said, “This bipartisan bill provides certainty to businesses that are trying to comply with the rule as well as an opportunity to work out any implementation issues that come up.” One industry observer who anticipates a “big margin” vote indicated he expects the bill will split rank-and-file Democrats from their caucus leadership. Meanwhile, industry readiness continues to ...

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The CFPB and all of the prudential banking regulators will recognize the good-faith efforts of the mortgage industry to comply with the bureau’s Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure (TRID) rule as of its effective date of Oct. 3, 2015. “During initial examinations for compliance with the rule, the agencies’ examiners will evaluate an institution’s compliance management system and overall efforts to come into compliance, recognizing the scope and scale of changes necessary for each supervised institution to achieve effective compliance,” said CFPB Director Richard Cordray, in a letter to industry trade groups. “Examiners will expect supervised entities to make good-faith efforts to comply with the rule’s requirements in a timely manner,” the director continued. “Specifically,...

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Mortgage loans with a Section 502 guarantee are a great deal for first-time homebuyers in rural areas, said Michelle Corridon, deputy director of the Single Family Housing - Guaranteed Loan Division with the U.S. Department of Agricultures’ Rural Development. No downpayment is required on a 30-year fixed-rate, USDA-backed mortgage loan, Corridon noted. Loan closing is fast because closing is fully automated, she added. Approximately 99 percent of USDA lenders are using paperless, automated loan closing, for which they pay a certain fee. Loan-note guarantee is also available online. USDA loans are typically purchase transactions. Of these, 85 percent are first-time homebuyers. There are few refinances, Corridon noted. Approximately 10 percent of purchase loans are for new construction. The product caters to low- and moderate-income households in ...

The FHA has a number of rulemakings in the regulatory pipeline and other policy topics related to mortgage origination and servicing, all lined for action in the fall. The program changes are geared towards FHA single-family priorities, such as expanding first-time homebuyers’ and underserved creditworthy borrowers’ access to credit, ensuring the long-term viability of FHA Mutual Mortgage Insurance Fund and making it easier to do business with the FHA. Agency data show that, as of July 31, 2015, first-time homebuyers accounted for 82 percent of FHA purchase loans compared to 72 percent in the prior year. FHA officials attributed the surge in purchase loans to the half percentage point reduction in the annual mortgage insurance premium, which they translated into a yearly savings of $900 for a household with an average mortgage-loan size of $180,000. On Sept. 15, the ...

VA lender Michigan Mutual in Southfield, MI, gives new meaning to “service above and beyond,” which makes it unique among its VA peers. Michigan Mutual, a national wholesale mortgage lender, ramps up its service to members of the military by having a representative conduct yearly outreach to American soldiers in Afghanistan and Iraq. Every year, since 2009, Rick Roque, managing director at Michigan Mutual, has been volunteering to spend a few weeks conducting mortgage-related seminars for soldiers in U.S. bases in the two countries. During those seminars, Roque talks about the benefits of a VA-guaranteed mortgage loan for those thinking of purchasing a home after their deployment. “Soldiers in combat zones are constantly under severe stress and hardly have time to think about homeownership,” said Roque. “Their priority is survival and ...