A federal agency that oversees Fannie Mae said Tuesday that it disapproved of Fannie's plan to require mortgage servicers to use only approved low-cost insurers, saying it would study ways to cut force-placed insurance costs for both Fannie and Freddie Mac.
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The CFPB left the grace period open-ended and most in the industry interpreted that to mean that it will last throughout the rest of 2015, at least. Unfortunately, as welcome as that grace period is, TRID remains a costly and complicated fix that has enormous implications for the whole industry..
“Bad letters damage the brand,” Katherine Porter says. “There’s a contagion effect of this. I think bad letters are unjust. They disproportionately harm the borrowers we need to help the most.” Read More