"Today's lenders are paying many times over for mistakes that may have been out of their control," Bill Cosgrove, MBA chairman, said Monday at the MBA Convention in Las Vegas. "And it's the consumer who pays the ultimate price. It's time for the penalty phase to end."
Five years after the financial crisis, Bill Cosgrove, CEO of Union Home Mortgage, explained that once America made it through the financial crisis, it vowed to never go back to that same type of risky lending.
Ohio governor Ted Strickland on Monday announced non-binding agreements with nine key mortgage servicers over their loss mitigation efforts, touting the pact as a "historic day in the state of Ohio."
The Dayton Daily News, which originally reported on the agreements, said that Strickland was joined by Ohio Mortgage Bankers Association president Bill Cosgrove in announcing the new pacts between the state and key servicers.
From the report:
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