The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

Steve Murray on the importance of protecting property rights

In this episode, Steve Murray, RealTrends advisor and industry stalwart, discusses some of the issues facing private property rights, including how a case in Germany could potentially affect U.S. legislation.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

MBA pushing for safe harbor for TRID

Industry wants a formal grace period

The mortgage industry is pushing for the Consumer Financial Protection Bureau to adopt a formalized grace period for the enforcement of the complex TILA-RESPA Integrated Disclosure requirements, and now Mortgage Bankers Association is pushing Congress to take action.

The CFPB intends to grant an undefined grace period for TRID enforcement, but MBA wants to make it official

Here’s what the MBA has to say as Congress returns to Capitol Hill on Tuesday:

Yesterday the Mortgage Action Alliance issued a Call to Action, urging its members to contact their members of Congress in support of legislation that would provide a temporary enforcement grace period and legal safe harbor to ensure smooth implementation of the new TILA-RESPA Integrated Disclosures rules for lenders that make a good-faith effort to comply.  

In the House, H.R. 3192, the Homebuyers Assistance Act (http://financialservices.house.gov/uploadedfiles/bills-114hr3192pih.pdf), introduced by Rep. French Hill, R-Ark., would provide a legal safe harbor for lenders through February 1, 2016. The bill was approved by the House Financial Services Committee in late July.  

In the Senate, S. 1711 (https://www.congress.gov/bill/114th-congress/senate-bill/1711), introduced by Sen. Tim Scott, R-S.C., would provide a similar legal safe harbor through January 1, 2016. The bill was included in the regulatory relief package that was reported from the Senate Banking Committee earlier this year.

"A temporary legal safe harbor for lenders will ensure the new requirements are implemented in an orderly manner and that consumers are not confused or, worse yet, impaired in their ability to purchase a home or refinance a loan," MBA said.  

In July, MBA and a number of industry trade groups sent a letter to House members urging support of H.R. 3192, emphasizing the importance of the safe harbor for lenders, the Consumer Financial Protection Bureau and consumers.  

"While the industry has been granted time to prepare for this new disclosure regime, there is no transition period for the regulation," the letter said. "A hold-harmless period allows the Bureau to work with industry to gather data about implementation and provide written guidance to address common industry implementation hurdles that emerge after these new disclosures are put into use." 

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