Now comes a story out of Florida serving as an example of how the current NFIP system is being abused, shifting the burden of flood insurance away from million-dollar beach homeowners and onto taxpayers.
FEMA is asking Congress to rewrite the Flood Insurance Reform Act to prevent flood insurance rates from soaring to new heights. In its current state, the act includes no provisions for affordability, the agency claims.
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