Under the agency’s current rules, residential servicers must tell a mortgagor about their foreclosure prevention options just once over the life of a loan.
The Consumer Financial Protection Bureau is not proposing any additional cure provisions in its proposed rule to update and clarify certain aspects of its Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure rule, known as TRID. The TRID 2.0 proposed rule was released late last week. Former CFPB official Quyen Truong, now a partner in the Washington, DC, office of the Stroock & Stroock & Lavan LLP law firm, told...
Nonbank jumbo originators may soon find themselves at a pricing disadvantage to depositories thanks to recent events beyond their control: two jumbo conduits calling it quits and updated regulatory language that offers no comfort when it comes to curing “TRID” errors. Industry veteran Bill Dallas, who runs nonbank lender Skyline Home Loans, Calabasas, CA, put it bluntly, saying: “Banks appear to be the big jumbo winners – Union Bank and others.” He said jumbo production is a low-margin business but a necessity in California. The CEO noted...
The Federal Housing Finance Agency so far has resisted calls to lower guaranty fees charged by Fannie Mae and Freddie Mac and quietly set a “minimum base guaranty fee” for the two government-sponsored enterprises. The FHFA directive was revealed in the 10-Q filings issued by the two GSEs this week accompanying second-quarter financial results that showed a combined $3.94 billion in net income. Their Securities and Exchange Commission filings, however, provided little detail about what the minimum base fee is. “In July 2016,” Fannie’s 10-Q states...
Mortgage industry trade groups filed a brief last week asking the Supreme Court of the United States to take up a case involving fees charged by Connecticut aimed at mortgage recordings by Mortgage Electronic Registration Systems. In February, Connecticut’s Supreme Court upheld fees imposed by the state in 2013 that tripled charges for mortgages recorded with MERS compared with non-MERS recording fees in the case of MERSCORP Holdings v. Dannel Malloy. In the new brief, industry participants caution...
Banks that participate in third-party lending, including mortgage originations, would be subject to greater scrutiny, according to proposed examination guidance issued late last week by the Federal Deposit Insurance Corp. The FDIC said third-party lending is an arrangement that relies on a third party to perform a significant aspect of the origination process, including marketing, borrower solicitation, underwriting, loan pricing, loan origination, customer service, consumer disclosures, regulatory compliance, servicing, debt collection, and data collection, aggregation or reporting. An agency spokesperson said...
The principles released Tuesday are separate from and independent of the finalized amendments to the CFPB’s 2013 mortgage servicing rules, which are expected in several weeks.
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