Quicken said it "will evaluate all bids once received and make the decision to partner with one or two providers. Our plan is to reevaluate this process regularly."
Normally during this time of year, the mergers and acquisitions game is somewhat quiet in the mortgage industry, but concerns over compliance with the CFPB’s integrated disclosure rule known as TRID are sparking some lenders to consider selling and getting out. That’s the opinion of Chuck Klein, managing partner of Mortgage Banking Solutions, who said, “I’m as busy as I’ve ever been this time of year.” Speaking on the Internet radio program “Lykken on Lending” recently, the M&A advisor noted that mortgage company owners are “disturbed about the cost and risk of noncompliance.” He added that the TRID rule promulgated by the CFPB “has gotten everyone’s attention,” in particular, owners of nonbanks who have all their personal net worth tied ...
Remember the Dec. 29, 2015, “clarifying letter” that CFPB Director Richard Cordray sent to the Mortgage Bankers Association? Initially, the letter relieved industry anxiety regarding TRID errors, at least to some degree. But over the past few weeks, certain lenders have once again grown nervous and are reporting resistance by secondary market investors that are turning down their mortgages because of TRID errors. For loan buyers, the issue is assignee liability. The MBA is believed to be a key player trying to persuade the bureau to publish the letter in the Federal Register. An industry lobbyist noted that one week after the clarifying letter came to light, MBA “applied immediate pressure to get the letter into Register form. The CFPB ...
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