Articles Tagged with ''TRID''

CFPB to relax TRID enforcement actions

Answers questions on cure provisions for violations of the rule
After a recent letter to the Consumer Financial Protection Bureau, the Mortgage Bankers Association released a response from CFPB Director Richard Cordray that should bring some much-needed clarity to the industry on the current expectations for lenders in implementing the new TILA-RESPA Integrated Disclose rule.
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Mid America Mortgage: We’ll buy your defective TRID loans

Puts out the call for TRID Scratch & Dent loans
Since the implementation of the CFPB's TRID rule, a trend has begun to emerge for some smaller lenders – investors and aggregators rejecting loan purchases because the loans are not 100% certifiably compliant with TRID. One mortgage company that plans to be there for its fellow lenders is Mid America Mortgage, which stated that its interested in buying “Scratch & Dent” loans with TRID compliance violations.
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The TRID effect is real: Existing-home sales fall sharply in November

Closing delays pushing sales into December?
First there was anecdotal evidence that the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule in October had caused issues with the housing industry, but now, concrete data is beginning to show just how much the impact of TRID is being felt - and the news isn't great. Click the headline to read more.
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Here’s how TRID is impacting the real estate process

Including unexpected issues
Now that more than two months have passed since the TILA-RESPA Integrated Disclosure Rule went into effect, HousingWire followed up with Sharon Voss, president of the Orlando Regional Realtor Association, to discuss how the new rule from the Consumer Financial Protection Bureau is impacting real estate transactions so far.
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TRID grace period bill looks for a plan B

Bill not included in year-end spending legislation
The original plan for the Homebuyers Assistance Act was to be added into any year-end spending legislation in order to give it a greater chance of passing. However, the year-end spending bill was announced late Tuesday, and the Homebuyers Assistance Act failed to make the list.
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Ellie Mae CEO: Impacts of TRID starting to show

Time to close a loan increasing
In Ellie Mae's last report, Jonathan Corr, president and CEO of Ellie Mae, said that it was still too early to see the full impact of TRID. However, now that over two months have passed since the TILA-RESPA Integrated Disclose rule went into effect, the impact started to show in the closing data.
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Community lender confidential: Why TRID is far worse than anyone thought

“This is biggest event in my 23 years. And that includes the market crash.”
In order to get an understanding for just how far apart the CFPB’s opinion of TRID is from the industry itself, especially away from Wall Street, HousingWire conducted a series of interviews, delivered here in longform, with community lenders about how TRID is impacting their mortgage business. Warning: the news isn’t good.
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Moody’s: TRID violations found in 90% of recently reviewed mortgages

Errors running rampant, credit negative for mortgage bonds
Despite CFPB Director Richard Cordray’s recent proclamation that the implementation of the new TILA-RESPA Integrated Disclosures rule was akin to the unfounded panic that surrounded Y2K, a new report from Moody’s finds the opposite may be true. Are TRID compliance violations running rampant?
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