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NAR Tells Congress About Investor Problems Caused by TRID – and Lenders Not Willing to Share the CD

April 21, 2016
Paul Muolo
NAR voiced its dismay that some mortgage bankers are making it difficult for Realtors to obtain a copy of the closing disclosure form or CD...
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Mortgage Attorneys Predict a Victory for PHH in CFPB-RESPA Case

April 21, 2016
Thomas Ressler
Former CFPB enforcement attorney Jennifer Lee said the Circuit Court was hostile towards the CFPB’s arguments on statute of limitations, separation of powers, constitutionality of the agency and more...
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Jumbo Lender First Republic Boosts Minimum Wage to $20 an Hour, Launches New Mortgage Program

April 21, 2016
Brandon Ivey
First Republic, which lends to the affluent, earned $148.87 million in the first quarter of 2016, up 6.3 percent from the previous period...
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Short Takes: Potential Trouble for Mortgage Employers? / A Crackup Coming for P2P? / Hey, What About an App That Lets You Foreclose by Hitting a Button? / Freedom Tosses Jumbo Loan / PRMG Likes ‘HomeReady’

April 21, 2016
Paul Muolo
Here's a product idea: hit a button on your cell phone and get foreclosed on...
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FinCEN Increases Scrutiny of Non-Mortgage Purchases of Luxury Homes As Part of Real Estate-Related AML Effort

April 21, 2016
A pilot effort by the Treasury Department’s Financial Crimes Enforcement Network is underway in New York City and Miami to track suspicious “all cash” purchases of high-end residential properties as part of the government’s anti-money laundering (AML) enforcement. In remarks during a recent AML conference in Florida, FinCEN Director Jennifer Shasky Calvery said geographic targeting orders (GTOs) were issued by the agency in January this year and went into effect on March 1. They require identification of high-end cash buyers to ensure luxury residences purchased with cash are not masking money laundering activities. Specifically, U.S. title insurance companies are temporarily required...
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Fannie Mae Captured a Slice of Market Share in a Slumping 1Q16

April 20, 2016
John Bancroft
Wells Fargo was the top seller to the GSEs in the first quarter with $22.75 billion, followed by Quicken Loans ($11.33 billion) and JPMorgan Chase ($6.87 billion).
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Next Up for the Blackstone Group/Finance of America: Non-QM Loans

April 20, 2016
Paul Muolo
It’s expected that Blackstone/Finance of America will target borrowers who are self-employed and have a harder time qualifying for conventional mortgages.
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How to Beat TRID in the MBS Sector: Issue Securities Backed by Investment Properties

April 20, 2016
Brandon Ivey
Investors take note: The collateral has a current interest rate of 8.15 percent.
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It was Thought the TRID ‘Scratch & Dent Market’ Would Peter Out. It Hasn’t

April 20, 2016
Paul Muolo
To date, Mid America has bought roughly $115 million worth of product with TRID errors...
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Mortgage Complaints Down Across the Board – According to the CFPB

April 20, 2016
Thomas Ressler
Wells Fargo was the subject of more mortgage complaints than any other player in the sector. Then again, Wells is both the largest lender and servicer.
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