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Volume 29 - Number 20

October 1, 2018

Secondary Market Unsettled About Liability Under TRID 2.0

The uncertainty about liability and cure mechanisms under the TRID 2.0 disclosure regime could have a negative impact on the secondary market, said compliance experts. Industry groups had sought clarification of liabilities for specific TRID violations, as well as additional cure provisions and bona fide error defenses, during the comment period for proposed amendments to the Truth in Lending Act/Real Estate Settlement Procedures Act Integrated ...

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Poll

Who "owns" the mortgage customer that’s brought to a wholesale lender through a loan broker?

The broker. It’s his/her client.

35%

The wholesale/table funder. They’re taking the financial risk.

30%

The broker, but only for the first year. After that, the borrower is fair game.

13%

Hard to answer. It’s a complicated issue.

22%