There is good news for the Golden State and the rest of the nation. Since the economy imploded in 2008, I must admit that I’ve been as pessimistic as many others have been about the housing market and the ability of mortgage lenders to effectively finance residential homes.
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