In JPM’s case, the extended cycle times caused by TRID did not affect the company’s financial results due to how the bank recognizes revenue. Most mortgage firms recognize revenue upon rate lock...
Earnings season has begun, and among the biggest financial institutions and mortgage lenders that have reported thus far, there’s been little evidence of damage to the bottom line as a result of the Consumer Financial Protection Bureau’s integrated disclosure rule known as TRID. At top-ranked Wells Fargo, total loan production for the fourth quarter was $47 billion, versus $55 billion in the third quarter, and $44 billion in the fourth quarter of 2014, something Chairman and CEO John Stumpf attributed to seasonality as well as TRID. During an earnings-related conference call with investors last week, Stumpf was asked...
Part of the $5.1 billion settlement amount Goldman Sachs agreed to in principle with the federal government last week will be used to provide relief for homeowners who owe more than the current appraised value of their homes. The agreement would resolve an ongoing investigation by the Residential Mortgage-Backed Securities Working Group of the U.S. Financial Fraud Enforcement Task Force, which President Obama established in 2009 to pursue those who played a role in causing the financial crisis. The tentative agreement would resolve...
For some servicers, including Ocwen Financial, the math of outsourcing is simple: pay back-office workers the equivalent of $2 an hour when their U.S. counterparts can earn at least five times that.
Where Realtors were once the first source of information for homebuyers, increasingly independent mortgage lenders are attempting to provide leads on homes for sale and more...
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