In another sign that the mortgage market is continuing to heal – at least from the borrower perspective – consumer complaints to the CFPB about their mortgages continued to drop, falling broadly and by double digits in every category tracked by Inside the CFPB during the fourth quarter. Leading the way during 4Q15 was a 45.1 percent plunge in consumers disputing a company’s response to an original complaint, our analysis of information from the consumer complaint…
Here are the Top 10 TRID Deficiencies, According to One Lender. The folks at Stearns Correspondent Lending recently published a list of the top 10 compliance deficiencies associated with the CFPB’s integrated disclosure rule, as follows: 1.The Closing Disclosure was not provided to the borrower within three business days of the closing date. 2. Various unspecified issues with the Loan Estimate.3. The Loan Estimate was not disclosed to the borrower within three business days of the application date. 4. Borrower(s) did not receive the Loan Estimate within four business days of the closing date. 5. The lender failed to provide a valid change of circumstance for all subsequent Loan Estimates in the file. 6. The lender failed to ...
Credit Plus Offers Reps-and-Warrants Coverage to Help Lenders Cope with CFPB, OCC Expectations. Credit Plus, a Salisbury, MD-based third-party verifications specialist for mortgage professionals, has come out with representations-and warranties-insurance coverage for all of its services, responding to the CFPB’s and the Office of the Comptroller of the Currency’s expectation that lenders are now ultimately responsible for practicing effective third-party risk management. The insurance coverage allows customers to better defend their companies against the negative financial consequences of a possible loan default and the resulting repurchase requests, the company said. “While we are confident in the quality of our verification services, we are also a strong proponent of best practices,” said Greg Holmes, national director of sales and marketing at ...
But all is not rosy. At JPM, mortgage servicing balances continue to decline and the bank’s executives expect production margins will compress as origination volumes diminish…
An ugly reality for land owners, mortgage lenders and others: the National Flood Insurance Program is currently $23 billion in debt and in dire need of reform.
Four of the top five ABS issuers in 2015 were closely linked to the auto industry, including the most productive issuer in the market, Ford Motor Credit.
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