A continually low-interest rate climate led to borrowers refinancing at an increased rate in the first quarter, according to a new report from Freddie Mac. So, just how frequently did borrowers refinance in the first quarter?
Credit Unions are not far behind the rest of the industry when it comes to mortgage division layoffs. The Credit Union Times says firms in the space are now deciding how to handle a drop-off in refinance applications.
Wells Fargo cuts another 150 workers in the Charlotte region in North Carolina on top of the 284 employees the company said it was laying off last month. This follows the banks initiative to downsize its workforce as loan refinancing demand falls.
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