The Internal Revenue Service has decided to hold off on making changes to its Secure Access Program, which governs the process by which federal tax transcripts are provided to the mortgage industry, after industry trade groups objected. The changes, part of an effort by the agency to better protect taxpayer data as well as IRS systems from attacks by cybercriminals, had been scheduled to kick in at the start of this week. “To ensure a smooth transition, the IRS has decided...

Wedbush's Henry Coffey notes that PHH is “facing a number of challenges,” including a struggle to restore profitability…

Freddie said the revised suite is “designed to take costs out of the loan origination process.”

“Community bank regulators have taken a diagnostic approach with TRID compliance, which has been positive,” said ICBA’s Ron Haynie.

Wells Fargo’s mortgage chief Franklin Codel is getting some new duties...

The Consumer Financial Protection Bureau’s integrated disclosure rule has now been in effect for a full year, and industry officials hope the potholes and speedbumps in the TRID road will continue to smooth out. Former CFPB official Benjamin Olson, now a partner with the BuckleySandler law firm in Washington, DC, noted that the first year of the TRID rule has been eventful. “In its early stages, the TRID rule proved to be far more disruptive than many envisioned, largely because of extraordinarily high rates of real and perceived errors and pervasive uncertainty over the liability associated with those errors,” he told Inside Mortgage Finance. Over time, the mortgage industry has been...

Many participants in the mortgage industry remain concerned that the Consumer Financial Protection Bureau did not address additional cure provisions in its proposed rulemaking to clarify the integrated consumer disclosure known as TRID. Lenders would love to see the bureau respond to these concerns when it finalizes its so-called TRID 2.0 rule. But that might not happen without Congress getting involved. During a webinar last week sponsored by Inside Mortgage Finance, some attendees inquired...

Cybersecurity rules proposed by the New York Department of Financial Services this month are seen as the first of their kind from a state regulator and more prescriptive than guidance from the Federal Financial Institutions Examination Council. The proposed standards would apply to a wide range of companies regulated by New York, including mortgage lenders and servicers. Under the proposal, financial institutions would be required to establish a cybersecurity program ...

With loan production costs leaping over the last decade while productivity has been gutted, mortgage lenders are desperate to find a credible, reliable way to measure the effectiveness of their loan origination systems. “From 2005 to 2015, lenders’ costs per loan doubled, but productivity was basically cut in half,” said Stratmor Senior Partner Len Tichy, head of the firm’s information technology and operations advisory services. The numbers reflecting fulfillment costs are downright ...

The inherent complexity and ambiguity of many of the provisions of the Consumer Financial Protection Bureau’s integrated disclosure rule are stymying the ability of technology to aid in lender compliance, top industry experts said this week. Speaking during a webinar sponsored earlier this week by Inside Mortgage Finance, former CFPB official Benjamin Olson, now a partner with the BuckleySandler law firm in Washington, DC, detailed the obstacles that lenders are confronted with ...