This time around, Steven Antonakes, deputy director of the Consumer Financial Protection Bureau, significantly watered down his message at Nevada’s Common Ground Conference, especially when compared to his alarming speech at the Mortgage Bankers Association’s National Mortgage Servicing Conference.
Loan securitizer DB Structured Products, a division of Deutsche Bank, recently agreed to pay $11.5 million to settle a Nevada Attorney General investigation into the firm’s packaging and selling of subprime and Alt-A loans.
The Nevada Attorney General is urging people to come forward if they have information related to a Las Vegas man recently charged with defrauding Nevada citizens through a series of real estate and mortgage scams.
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