The residential mortgage space was the only sector in the large financial services universe to see a year-over-year decline in consumer complaints filed with the CFPB, according to a new analysis by Inside the CFPB. The positive performance, a drop of 14.5 percent, is most likely due to the continued recovery in the overall economy as well as the housing market, which is reducing the stresses that produce delinquencies, defaults and foreclosures, which are associated with high levels of borrower gripes.A lesser contributing factor to consumer criticisms in the “resi” space could be the steep drop-off in mortgage originations over the last year, which could be reducing the overall pool from which origination-related belly-aching originates. [With two exclusive charts] ...
TRID Projected to Cost $527 Million a Year. A new analysis of the costs of government regulation by Sam Batkins, director of regulatory policy at the center-right American Action Forum, estimates that the integrated mortgage disclosure rule promulgated last year by the CFPB will cost the industry $527 million annually. The TILA/RESPA integrated disclosure rule – or “TRID” – is scheduled to take effect Aug. 1, 2015, unless the mortgage industry can convince the CFPB to provide a delay. Elsewhere, Batkins projects compliance with all of the bureau’s 2014 regulations to cost the financial services industry $2.1 billion. All of the CFPB’s regulations since its inception in 2011 are estimated to cost $3.6 billion and 38.9 million hours to comply with. Of ...
CFPB Raises TILA Reg Z Exemption Threshold. The CFPB raised the asset size for banks exempt from the requirement to establish an escrow account for higher-priced mortgages under Regulation Z (Truth in Lending Act) from $2.028 billion to $2.060 billion, as of Jan. 1, 2015. The adjustment is based on the 1.1 percent increase in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the 12-month period ending in November 2014. The adjustment to the escrow exemption asset-size threshold will also increase a similar threshold for small-creditor portfolio and balloon-payment qualified mortgages. CFPB Increases HMDA Reg C Exemption Threshold. The bureau slightly ratcheted up the asset- size exemption threshold for financial institutions reporting ...
Since early September, at least 14 mortgage company acquisitions have been announced publicly, according to a database of deals compiled by Inside Mortgage Trends.
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