As the American Securitization Forum comes to a close, the private-label side of the secondary market reached a clear consensus that mortgage servicing is, in fact, really important.
The other consensus is that mortgages are going to cost more. More for borrowers, more for originators, more for servicers — and ultimately less yield for investors.
This is somewhat of a breakthrough. Mortgage servicing remained largely ignored by the secondary side for so long, and this new desire to work together is indicative of transformation.
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
The answer may be found somewhere between commandeering the entire process and “throwing it over the fence.” For lenders, paying more attention to the source of the data and information used in finalizing settlement (title searching, valuation and the like) could hold the key. This means data reporting collected in a more robust, accurate and verifiable fashion. Read More