One attorney noted that in his opinion state regulators are still learning the rule…

A blowout 3Q16 for residential originations and MBS issuance?

“In no other industry could you say you are charging a high fee and just promise it to be lower when you arrive for closing,” one commenter said.

PHH also wants certain information kept confidential...

According to a mid-year ranking by Inside FHA/VA Lending, PRMI ranks 15th nationwide among all FHA lenders.

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....

Rank-and-file mortgage lending industry participants continue to submit to the CFPB a range of problems and issues they are encountering with the bureau’s Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure Rule, commonly known as TRID, and its clarifying rulemaking.One credit union official wrote that members (and borrowers served by community banks) are being coached by loan officers to “be patient and trust” that their final fees will be lower than what is shown on the loan estimate (LE). And the larger issue is that consumers are becoming less engaged in understanding their finances due to the complexities of the rule, she said. “Somehow, in trying to make lending conditions better for the consumer, something far worse ...

One of the fascinating things about sifting through all of the 1,200+ industry comments on the CFPB’s TRID clarifying proposed rulemaking as they are posted on the regulations.gov website is to notice the success the American Land Title Association and its membership are having in flooding the agency’s inbox with their concerns. The overwhelming majority of individual comment letters submitted to the CFPB to date all start with the same introductory language, including the reproduction of a typo, as follows: “I am [sic] title insurance professional and I am contacting you today about the proposed rulemaking on TRID. As a settlement agent, it’s important that I am not penalized for compliance errors made by a lender.” This suggests that commenters ...

With the one-year anniversary of the CFPB’s TRID rule now upon us, a new survey from the American Land Title Association finds that a vast swath of the homebuying population is either confused or feels taken advantage of by the calculation of title insurance fees on the new mortgage disclosures. Among the survey’s chief findings, 40 percent of consumers are confused by the new closing disclosure calculation of title insurance. “Under TRID, consumers are disclosed a price for their two title insurance policies that is different than the actual price they will pay at closing,” ALTA said. Also, homeowners want a detailed breakdown of all the costs for a service, the survey found. “At the closing table, homebuyers expect the ...

Official regulatory reviews for compliance with the CFPB’s TILA/RESPA Integrated Disclosure Rule are now underway at the bureau and among the prudential regulators, according to top industry attorneys. Speaking during a webinar last week sponsored by Inside Mortgage Finance, former CFPB official Benjamin Olson, now a partner with the BuckleySandler law firm in Washington, DC, stated, “We can confirm that, yes, the CFPB and the other regulators, as part of their mortgage origination exams, are including TRID modules and looking at TRID compliance.” He reminded the audience that the bureau has been emphatic that these will be diagnostic reviews. “I haven’t seen anything inconsistent with that with respect to the reviews of our clients out of the CFPB,” Olson said...