Get Your TRID On. The Consumer Financial Protection Bureau has put out a Know Before You Owe guide for real estate pros to help them navigate the upcoming TILA/RESPA Integrated Disclosure rule, otherwise known as TRID.
All three mortgage production channels saw solid gains in originations from the first quarter to the second quarter of 2015, but correspondents had the best of it. Correspondent lenders generated an estimated $132 billion of new mortgages during the second quarter, according to a new Inside Mortgage Finance ranking and market analysis. That was up 26.9 percent from the first quarter, a few clicks faster than the overall 23.6 percent increase in production volume. The correspondent share edged...[Includes four data tables]
The metric will assess lender performance based on the lender’s default rate within three credit-score bands and compare it to an FHA target rate, rather than to the lender’s peers.
Although all 13 firms reported positive earnings on their origination and sales activity, many noted that production-related revenue did not keep pace...