Joe Garrett of Garrett, McAuley & Co. wonders whether the day is coming when the CFPB will take up residence at some of the nation’s largest nonbank lenders.
Ten trade organizations and community groups this week sent a letter to FHFA Director Mel Watt imploring him to suspend the quarterly GSE dividend paid to the Treasury Department...
The housing bubble did in fact burst and I don’t recall Trump making any money off of it unless he did so through private investments that none of us know about...
Mortgage call-center platforms are in high demand these days, according to industry advisors, but there’s one key caveat for potential buyers: rising interest rates. “Who’s looking at buying call centers?” asked Paul Hindman, business development chief for Grid Financial Services. “Just about everyone.” It would appear...
A paper recently published by the Treasury Department’s Office of Financial Research detailed links between changes in underwriting standards at banks and the banks’ loan application denial rates and mortgage performance. While the findings are intuitive, the paper from the OFR was the first to match individual lenders’ confidential responses to the Federal Reserve’s Senior Loan Officer Opinion Survey with data from the Home Mortgage Disclosure Act. “We find...
Fannie Mae’s Economic & Strategic Research Group surveyed senior mortgage executives earlier this year and confirmed that lenders are still facing challenges in complying with the CFPB’s integrated disclosure rule known as TRID, according to new findings released by the government-sponsored enterprise last week. The controversial rule integrates the consumer disclosure requirements under the Truth in Lending Act and the Real Estate Settlement Procedures Act. According to Sheila Teimourian, vice president and deputy counsel at Fannie, more than three-quarters of the lenders surveyed indicated that the two biggest challenges were managing or coordinating with third-party technology vendors and communicating with key players, such as the buyer, seller and loan officer. About eight in 10 of those who cited coordinating with ...
Industry Vendors Roll Out TRID-Compliant LOS in 50 Days. Three industry vendors, Open Mortgage, LendingQB and International Document Services, partnered to successfully implement a TRID-compliant loan origination system in just 50 days, exceeding their own projections, the companies announced recently. “We knew that our implementation timeline was aggressive, wanting to both implement a new LOS and prepare for TRID within 60 days,” said James Howard, chief technology officer of Open Mortgage, a multi-channel mortgage lender. "Our success was due to having clear implementation plans with our vendors and a team at Open Mortgage that was dedicated to the project,” he added...
RSS