The Consumer Financial Protection Bureau has not changed its “corrective and diagnostic” supervisory and enforcement approach towards the industry’s implementation of the integrated disclosure rule known as TRID, and does not expect to bring any enforcement action any time soon unless there is blatant misconduct, CFPB Director Richard Cordray told members of Congress this week. Whether mortgage lenders get any additional, official clarification or guidance from the agency to help with their compliance and litigation concerns is another matter. During a hearing Wednesday of the House Financial Services Committee, Rep. Blaine Luetkemeyer, R-MO, engaged...

Appraisals aren’t causing significant closing problems for purchase-mortgage lending, although there are issues as home prices increase, according to responses to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. “Appraisals are mostly in line with contract prices,” said Tom Popik, research director for Campbell Surveys. “However, appraisals for FHA mortgages and VA mortgages more often miss the contract price than appraisals for conventional mortgages.” Appraised home prices have tended...

Some lenders report they have totally adjusted to the new TRID disclosures, while others continue to be plagued by errors and delays.

FHA consultant Brian Chappelle of Potomac Partners told IMFnews, “I give FHA credit for trying to solve a problem it didn’t create but the DOJ is the elephant in the room.”

A day after the news broke that W.J. Bradley Mortgage has shut its doors, competition is heating up for some of its top loan officer and executive talent...

But does this mean the HUD Inspector General and Department of Justice will ease up on suing lenders?

HUD’s Single Family Policy Handbook authorizes lenders to order testing or remediation to ensure that the property’s public-water supply has acceptable levels of contaminants.

One executive who’s involved with the working group said the new guidance from the due diligence firms will help the rating agencies identify "material" risk...

Good news for mortgage bankers: gain-on-sale profit margins are on the rise.

With the Consumer Financial Protection Bureau declining to provide any more formal guidance on legal liability for secondary market players when originators make errors in TRID mortgage disclosures, a group of due diligence firms is moving ahead with their own clarifications. High-level sources familiar with the matter, and who spoke to Inside MBS & ABS under the condition of anonymity, said the forthcoming clarifications have been vetted by legal counsel and are almost ready for viewing. Several top third-party review/due diligence firms are involved in the effort, including Clayton Holdings and Opus. All the major rating agencies are involved as well. “We’re working to calibrate our methodology, to bring it in line with the spirit of the CFPB letter,” said ...