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.

A real estate professor weighs in on the future of MLSs

According to research done by Sonia Gilbukh, a real estate professor at Baruch College, there are some reasons to be concerned about the current number of real estate agents and the future of MLSs.

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.

Mortgage

House passes bipartisan TRID grace period bill 303-121

Next comes Senate, then looming threat of veto from White House

Defying the threat of a White House veto, the House on Wednesday afternoon passed bipartisan legislation to help homebuyers avoid delays and disruptions when closing on their new homes by a bipartisan vote of 303-121.

The bill, the Homebuyers Assistance Act, provides a four-month grace period for businesses that are working in good faith to comply with a new 1,888-page rule from the Consumer Financial Protection Bureau that went into effect Oct. 4.

The industry, including the National Association of Realtors, Mortgage Bankers Association, and more than a score of other trade associations, support the bill.

“Without this bill, homebuyers could encounter delays and difficulties when they try to close on their homes,” said House Financial Services Committee Chairman Jeb Hensarling, R-Texas.  “Buying a home is stressful enough, and bureaucratic delays should not add to their stress.”

The measure now goes to the Senate for consideration.

In May, 254 House members, including 92 Democrats, sent a letter to CFPB Director Richard Cordray asking for a formal grace period during the early stages of the new rule.  Forty-one senators sent a similar letter.

“This legislation is important for credit unions as they work in good faith to comply with the TRID rule, which became effective October 3,” said Ryan Donovan, Credit Union National Association chief advocacy officer. “CUNA and other stakeholders repeatedly asked the CFPB to provide a formal hold-harmless period to ensure the rule has minimal impact on consumers and residential home mortgage closings. We thank the House for their quick action on this important issue and urge the Senate to do the same.”

Rep. French Hill, R-Ark., sponsored the bill, which passed the Financial Services Committee on July 29 on a bipartisan vote of 45-13, but it was also championed by prominent Democrats.

Rep. Brad Sherman, D-Calif., one of the co-sponsors of the bill, said the bill would help ensure access to mortgage credit during the hold-harmless period because it would allow small lenders to work toward full compliance without penalty.

Late Tuesday, the White House said that it would veto the Homebuyers Assistance Act, due for a vote on the House floor this afternoon.

"The CFPB has already clearly stated that initial examinations will evaluate good faith efforts by lenders. The Administration strongly opposes [the bill], as it would unnecessarily delay implementation of important consumer protections designed to eradicate opaque lending practices that contribute to risky mortgages, hurt homeowners by removing the private right of action for violations, and undercut the nation's financial stability," the White House said in its release.

“If the President were presented with H.R. 3192, his senior advisors would recommend that he veto the bill,” the statement says.

Here’s one opinion on why a veto would be inappropriate.

Latest Articles

Existing home sales pop the 2021 housing bubble boys

So far this year, every existing home sales print has been higher in 2021 than the closing level of sales in 2020, which was 5,640,000. Even with the unhealthy home price gains that we have seen in the last two years, more Americans have bought homes with mortgages in 2020 and 2021 than any single year from 2008-2019, and this looks perfectly normal with our current demographics. HW+ Premium Content

Sep 22, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please