Over the past year, The Blackstone Group has been aggressively expanding into many facets of the mortgage business and is now ready to make what might be considered a bold move: investing and originating in residential loans that don’t meet the qualified-mortgage test. But just how big might Blackstone get? That’s hard to say at this point. A source inside the company, who spoke under the condition his name not be used, confirmed...
The source continued: “Fannie and Freddie have the right to put non-compliant loans back to the originator. Eventually, someone will ask whether they knowingly bought loans that had TRID violations…"
To date, the CFPB has declined to issue formal guidance on assignee liability and TRID. Instead, the regulator has held several informational webinars on the rule.
As IMFnews reported recently: one nonbank lender had a $910,000 jumbo mortgage rejected by a secondary market buyer because of a $19 TRID-related mistake on the disclosure form.
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