Speaking recently at an Urban Institute seminar on mortgage servicing, Housing Finance Policy Center Director Laurie Goodman said that the current “broken” state of mortgage servicing regulations is partly to blame for the current tight lending environment.
Speaking at a conference of the National Investment Center for Seniors Housing and Care in Chicago, Bernanke said that the market is so tight right now that he was unable to refinance his own home loan recently.
After mortgage banker costs skyrocketed the past 6 quarters, well out of the realm of profitability, the latest Quarterly Mortgage Bankers Performance Report from the Mortgage Bankers Association reports the landscape shifted from losing money to making money, as costs came more under control.
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