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Inside the CFPB
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The TRID Compliance Mess Continues: a 100 Percent Rejection Rate by One Investor

January 13, 2016
Paul Muolo
A 100 percent rejection rate? That's a problem...
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Complaints Filed with the CFPB Down Sharply in 4Q15, but…

January 13, 2016
Thomas Ressler
In the home mortgage sector, complaints dropped both quarterly and annually.
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Short Takes: We Don’t Need No Stinkin’ FICO Scores / Will TRID Hurt Earnings? / TRID was a ‘Blip’ on the Radar at RPM / More NPL Sales by Fannie / Stonegate Exec Departs for Ditech

January 13, 2016
Paul Muolo
Shelly Logemann, a top producer and branch manager for the privately held RPM, told us “TRID was a blip on the radar..."
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Short Takes: FHFA to Industry: Thanks for Your 400 Comments, but No / Mortgage REITs are Not Happy / IMA Selling $3B in Ginnie MSRs / Schneider’s Salary Revealed / Executive Leaves Altisource for Altavera

January 12, 2016
Paul Muolo
In other words, the regulation to ban captives from entering the system moved forward despite overwhelming industry opposition…
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It’s Official: FHFA Bans ‘Captives’ From FHLB System; $35 Billion in Advances Must Go – Eventually

January 12, 2016
Carisa Chappell and Paul Muolo
REITs have gained access to the FHLB discount window with the goal of leveraging their investments in both MBS and servicing rights.
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While Many New Originations Haven’t Been Compliant with TRID, Fitch Projects Modest Risk for Non-Agency MBS

January 12, 2016
Brandon Ivey
The guidance from Fitch could ease some fears among purchasers of non-agency mortgages...
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Citi Prevails in Loan Buyback Dispute – Thanks to Contract Language

January 11, 2016
Brandon Ivey
CitiMortgage filed the lawsuit after Chicago Bancorp refused to repurchase 11 mortgages.
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FHFA IG: Agency Did Not Comply With Underwriting Review

January 11, 2016
Carisa Chappell
As a result, the FHFA IG has reopened its recommendation from a previous audit report...
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Short Takes: TRID is Costing Consumers Too. Here’s How… / Midcap Banks Stressed Out? / loanDepot Flies the ‘Marketplace Lender’ Flag / More MSR Deals from IMA / ORM Chief Resigns

January 11, 2016
Paul Muolo
In a new press release touting its 2015 results, the privately held loanDepot LLC refers to itself on a few occasions as a “marketplace” lender...
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Life Under TRID: Cordray Issues ‘Clarifying’ Letter, Lenders Still Worry About Liability

January 11, 2016
CFPB Director Richard Cordray issued a letter to the mortgage industry over the holidays related to the TRID integrated disclosure rule, clarifying that the new rule includes a provision to “cure” certain mistakes, even after the fact. “The Know Before You Owe mortgage disclosure rule provides for the issuance of a corrected closing disclosure, even after closing,” Cordray said in a letter to Mortgage Bankers Association President and CEO David Stevens. “This can be used, for example, to correct non-numerical clerical errors or as a component of curing any violations of the monetary tolerance limits, if they exist. “As a general matter, consistent with existing Truth in Lending Act principles, liability for statutory and class action damages would be assessed ...
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