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Volume 27 - Number 6

March 21, 2016

‘Scratch and Dent’ Market for TRID Loans Continues Apace

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,...

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