Regarding the omission of cell phone numbers and email addresses, one Florida-based mortgage executive said, “It drove us crazy – of all things not to have in this day and age.”
The CFPB’s TILA/RESPA Integrated Disclosure Rule continues to have mixed results, at least from the perspective of the nation’s mortgage originator community. According to the recently released results of a survey by the National Association of Realtors of mortgage originators during the second quarter of 2016, delays attributed to TRID eased between the first and second quarters of the year, as did lenders’ reluctance to offer pre-approval letters, while cancellations ticked up. Originators were asked, since April 1, what share of their company’s mortgage transactions had been delayed or cancelled due to a TRID-related issue versus non-TRID issues. Mortgages delayed due to TRID ticked barely down, from 1.8 percent in 1Q16 to 1.7 percent in 2Q16. In the fourth quarter ...
A National Association of Realtors survey of mortgage originators during the second quarter of the year found that lending outside the parameters of the qualified mortgage standard remains in the doldrums, even though there appeared to be a slight improvement in demand from investors for such loans. Survey participants were asked to provide the percentage share of their production for safe-harbor QM loans, rebuttal-presumption QM loans, and non-QM loans. Respondents indicated that a whopping 93.2 percent of production was in the safe-harbor QM space during 2Q16, up from 89.9 percent in 1Q16. That gain came at the expense of the other two categories. Production of rebuttable-presumption QMs fell from 9.9 percent in the first quarter of the year to 6.7 percent ...
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