A dramatic disconnect has surfaced between different segments of the mortgage industry when it comes to being prepared to comply with the Consumer Financial Protection Bureau’s pending integrated-disclosure rule. Professionals in the land title insurance side of the business are far more confident about their readiness than are depository institutions, recent surveys reveal. A survey conducted in April by the American Land Title Association found that 92 percent of respondents indicated their company will be prepared to implement the new loan estimate and closing disclosures and to comply with the CFPB’s regulation. That number isn’t as good as it seems, though. A much smaller 62.6 percent said they are on schedule for implementation. Another 29.4 percent conceded they are behind ...
First Guaranty Mortgage Corp., Frederick, MD, originated $940 million of home mortgages in the first quarter, a 48 percent jump from the same period a year earlier.
Several hard money lenders are involved in financing flippers, charging interest rates that are several percentage points above the going Fannie Mae/Freddie Mac rate.
Stevens also said that while he was FHA commissioner he chose not to go after lenders for violating the False Claims Act because he said such actions would have opened a “Pandora’s Box.”
Fidelity, a market leader in title insurance, has a market capitalization rate of $10.6 billion and is headed by William Foley, age 70, who has a history of spinning off companies.
Fannie Mae reported Tuesday that the GSE issued $10.4 billion of multifamily MBS in the first quarter of 2015, primarily through its delegated underwriting and servicing program.
FFIEC Issues Revised Interagency Examination Procedures for Compliance with the TRID. The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently put out new interagency examination procedures for the Truth in Lending Act (TILA), as implemented by Regulation Z, and the Real Estate Settlement Procedures Act (RESPA), as implemented by Regulation X. These procedures reflect CFPB amendments to Regulations Z and X published in the Federal Register in December 2013 and February 2015. Most of the changes to the procedures relate to the integrated mortgage disclosure requirements under TILA and RESPA, commonly referred to as the “TRID” requirements. Office of the Comptroller of the Currency Bulletin 2015-27 makes available on the OCC website the revised interagency ...
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