Quicken Loans recently launched a new, TRID-friendly product dubbed the “rocket mortgage,” so named because “in the eight minutes it takes a space shuttle to reach orbit, Americans will now be able to receive a full mortgage approval online,” the lender says in its marketing pitch. “Rocket Mortgage simplifies the largest, most complex and important financial transaction most consumers experience in their lifetime,” said Linglong He, chief information officer for the lender ...
As part of his departure package, Raman will receive $600,000 in cash severance payments, payable over 52 weeks, but is walking away from unvested stock appreciation rights.
Recent findings from a Fannie Mae survey suggest a substantial digital divide exists between the mortgage lending industry and younger, more tech-savvy borrowers who want to shop for a mortgage online via mobile technology, such as smartphones and tablets. For instance, roughly three out of four lenders surveyed recently by the government-sponsored enterprise do not offer a mobile software application to help consumers shop for a mortgage. “Larger and mid-sized ...
The OCC’s language was not as strong as earlier reassurances from the CFPB that it would not be taking a “gotcha” or punitive approach when it commences with TRID examinations…
Seemingly small differences in monthly mortgage payments for borrowers in bankruptcy helped prompt an $81.6 million settlement between Wells Fargo and the Department of Justice late last week. The DOJ’s U.S. Trustee Program said Wells repeatedly violated federal bankruptcy rules that took effect in December 2011 and imposed more detailed disclosure requirements to ensure proper accounting of fees and charges for borrowers in bankruptcy. The main instance cited in the settlement agreement was...
“I don’t think it does a lot of good to play the ‘blame game’ and I don’t think that’s where the solution lies,” said Brian Benson, CEO of ClosingCorp.
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