Some leading mortgage technology vendors told the Consumer Financial Protection Bureau they are concerned about the resources that will be required to implement the changes the bureau wants to make to its integrated disclosure rule known as TRID. In a comment letter to the CFPB regarding its proposed rule to clarify a number of aspects of the TRID regulation, the Mortgage Vendor Regulatory Work Group raised concerns about software implementation resources, including ...

Fairholme Files Motion to Force Government to Produce Docs ASAP. Plaintiffs in Fairholme Funds Inc. v. United States, et al, filed an emergency enforcement motion this week arguing that the government is purposely taking too long to produce documents and requesting unnecessary extensions. “The defendant has repeatedly delayed complying with the court’s order,” said Fairholme in the court documents. The judge gave the government until Nov. 1 to produce the documents. Freddie prices $217M K-deal. Freddie Mac priced a new offering of Structured Pass-Through Certificates (K Certificates) that are backed by underlying collateral consisting of supplemental multifamily mortgages. The company expects to issue approximately $217 million in K Certificates, which...

Ocwen funded $1.2 billion in “forward” mortgages and an additional $213 million of reverse loans. In 2Q16 it funded $1.32 billion.

HUD has eased condo requirements, effective immediately. Lenders and Realtors start your engines…

Ocwen had an average of 7,484 employees in the third quarter of 2016, down 12.3 percent from 3Q15...

Consumer Financial Protection Bureau Director Richard Cordray said agency examiners are conducting “transaction testing” to assess compliance with new TRID disclosure rules. Looking at loan files is necessary to a diagnostic compliance assessment, he told a good-sized audience at this week’s annual convention of the Mortgage Bankers Association. The bureau chief repeated earlier assertions that TRID compliance reviews would be “diagnostic and corrective, not punitive.” Cordray said...

The share of home sales that experienced a delayed closing because of appraisal-related issues remained elevated in September, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. Industry participants suggest that the strong market for purchase mortgages has led to a backlog of appraisals. Appraisal issues accounted...

Fannie Mae and Freddie Mac sent the Consumer Financial Protection Bureau a joint comment letter addressing the bureau’s TRID clarifying rulemaking that have to do with the government-sponsored enterprises’ Uniform Closing Dataset, supporting some provisions and opposing others. The UCD is the data standard the pair developed to support accurate disclosures on the closing disclosure and to facilitate the sharing of that information. “The GSEs believe...

Recapitalizing Fannie Mae and Freddie Mac is a good idea, according to the Congressional Budget Office, which said that it wouldn’t significantly change how the government-sponsored enterprises operate today, but it would help stabilize the mortgage market and the federal budget. In response to several legislative proposals calling for the GSEs to build capital, the CBO recently published a report studying the effects of an “illustrative policy option.” Fannie and Freddie capital will...

The Internal Revenue Service has decided to hold off on making changes to its Secure Access Program, which governs the process by which federal tax transcripts are provided to the mortgage industry, after industry trade groups objected. The changes, part of an effort by the agency to better protect taxpayer data as well as IRS systems from attacks by cybercriminals, had been scheduled to kick in at the start of this week. “To ensure a smooth transition, the IRS has decided...