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...
Home Mortgage Disclosure Act data released last week show a somewhat more efficient mortgage market in 2015 as fewer loan applications were declined and more turned into originated loans. Lenders processed $2.576 trillion in mortgage applications filed in 2015, converting them into $1.651 trillion in purchase and refinance originations, a 32.9 percent increase from the previous year. Some 56.5 percent of loan apps turned into closed loans, up from 53.8 percent in 2014, and the overall denial rate fell 2.9 points to 20.1 percent. Most of last year’s origination surge came...[Includes one data table]
Further empirical confirmation of a recovering mortgage market continued to accumulate at the CFPB during the third quarter, as related consumer complaints dropped 19.8 percent, according to a new analysis by Inside the CFPB. For the first nine months of 2016, consumer gripes about their mortgages fell 8.4 percent compared to the same time period the year before. Criticisms about mortgage servicing fell 21.8 percent quarter-over-quarter and 2.0 percent year-over-year, the data show....
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