Democrats and Republicans in Congress came together to encourage the Consumer Financial Protection Bureau to enact a grace period for enforcement of the TILA-RESPA Integrated Disclosure rule, for which much of the industry is not prepared. Will they get it?
Black Knight Financial Services’ latest mortgage monitor shows that recent REO sales are grossing a higher recovery of unpaid balances, and that increasing home prices are the driver. Here’s how it could affect investors.
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