“The QM rule needs to stand on its own two feet … The FHFA should not be in charge of setting national mortgage underwriting,” said MBA chief Dave Stevens.
M&T Bank doesn’t even rank among the top 50 FHA-direct lenders in the nation, according to a recent ranking by affiliate publication Inside FHA/VA Lending...
Fannie Mae’s Economic & Strategic Research Group surveyed senior mortgage executives earlier this year and confirmed that lenders are still facing challenges in complying with the CFPB’s integrated disclosure rule known as TRID, according to new findings released by the government-sponsored enterprise last week. The controversial rule integrates the consumer disclosure requirements under the Truth in Lending Act and the Real Estate Settlement Procedures Act. According to Sheila Teimourian, vice president and deputy counsel at Fannie, more than three-quarters of the lenders surveyed indicated that the two biggest challenges were managing or coordinating with third-party technology vendors and communicating with key players, such as the buyer, seller and loan officer. About eight in 10 of those who cited coordinating with ...
Analysts at Moody’s Investors Service believe that the Structured Finance Industry Group’s draft proposal on the CFPB’s integrated disclosure rule, otherwise known as TRID, generally is up to the task of addressing the relevant risks for U.S. residential mortgage-backed securities (RMBS), notwithstanding the uncertainty associated with the pending clarifying rulemaking from the bureau. The rule merges the mortgage disclosures mandated by the Truth in Lending Act and the Real Estate Settlement Procedures Act. “SFIG’s draft proposal to standardize the framework for reviewing and grading loans for TILA-RESPA Integrated Disclosure (TRID) rule compliance is adequate to identify those compliance risks that are likely to cause losses to RMBS trusts, aside from one grading provision with which we disagree,” said Moody’s Credit ...
Last week, in another apparent attempt to provide the mortgage lending industry with a bit more clarity when it comes to its TRID rule, the CFPB published on its website annotated versions of the Loan Estimate and Closing Disclosure that provide citations to the disclosure provisions in Chapter 2 of TILA referenced in the rule. However, neither of the two documents, which only number 14 pages between the two of them, appear to go anywhere near providing the kind of clarity the industry continues to hope for.According to Kristie Kully and David Tallman, both partners at the Mayer Brown law firm, these so-called “mapping forms” are unfortunately hamstrung by such extensive disclaimers that the bureau might as well have ...
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