Merge Fannie and Freddie into one? Crazier things have been suggested...

Meanwhile, we’re told that WJB’s woes can be traced to more than just TRID errors…

“Many sophisticated parties have been duped,” said NAR.

This advisor noted that WJB was looking to raise debt, but was also open to a sale.

The Fair Labor Standards Act spells out the basis for an administrative exemption from overtime pay.

One commenter said the GSEs should be required to purchase chattel loans that are “prudently underwritten with appropriate consumer protections.”

Once again, the concept of "principal reductions" on Fannie, Freddie loans rears its ugly head.

SFIG noted that the proposal won’t supplant the group’s efforts to pursue a resolution from the CFPB to uncertainty related to TRID exceptions.

Late last week, secondary market officials said the CFPB has been informed about the recent failure of W.J. Bradley Mortgage of Colorado and how it was caused by jumbo loans backing up on the nonbank’s warehouse line due to errors complying with the bureau’s integrated disclosure rule. At this point, it’s hard for some industry observers and officials to gauge just how bad those errors were. However, the bigger issue may be that curing TRID errors (especially small ones) is the key to solving the current TRID-mess afflicting the residential finance industry. Some industry observers wonder whether a fix can be made that helps mortgage compliance attorneys sleep at night. Right now, the answer to that question appears to be ...

Despite efforts by certain factions of the industry to come up with legal protections regarding errors on TRID disclosures, the “scratch and dent” market for problem loans continues apace. According to Jeff Bode, CEO of Mid America Mortgage – one of the most active buyers of mortgages with TRID errors – product is still being offered on a regular basis. “Offerings have not slowed,” Bode told affiliated publication IMFnews, “though, eventually, I think it will.” On average, Mid America bids on at least eight TRID scratch-and-dent loans a day. Some lenders report they have totally adjusted to the new TRID disclosures, while others continue to be plagued by errors and delays. Meanwhile, the CFPB plans to hold an hour-long webinar on Tuesday,...