Articles Tagged with ''TRID''

Ellie Mae CEO: Initial discomfort of TRID now over

Time to close finally tumbles
About half a year into TRID and the market appears to finally be turning a corner. According to Ellie Mae CEO Jonathan Corr, “In terms of Know Before You Owe, I think we’re in the second half of the game.” Now it’s time to conquer the rest as the industry heads into spring.
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It's official: TRID kills mortgage profits

Total production expenses surge to $7,747 per loan
A recent report from the MBA revealed the implementation of the CFPB's TILA-RESPA Integrated Disclosures rule in October wiped out most of the money to be made in the mortgage industry. How bad is it? Are you sitting down? Average mortgage profits collapsed more than 50% based on skyrocketing production expenses.
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Observations from ABS Vegas: The long-anticipated deal agent is nearly here...

But now where are all the deals?
The main reason why we’re not seeing new private-label mortgage deals, at the moment, is that the economics of private-label securitization simply don’t work in the current low-rate environment. Prime jumbo securitizations have slowed significantly. In 2015, for example, Kroll said 38 prime jumbo deals came to market, but in 2016, year to date, that number (by my count) is two.
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DocMagic unveils new premium guarantee

Guaranteed TRID compliance up to $5 million
A new guarantee from DocMagic helps give lenders and investors a little extra breathing room when it comes to the looming liability risks under TRID. $5 million worth of breathing room to be exact.
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CFPB lays out 9-point plan to reshape financial industry

Cordray shares 9 goals CFPB hopes to achieve within 2 years
The five-year anniversary of the Consumer Financial Protection Bureau is coming up this summer. Yet the CFPB is far from being done. This week, CFPB Director Richard Cordray laid out a series of goals for how the CFPB wants the financial industry to operate within the next two years. Here they are.
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CFPB to financial industry: Wake up and smell the coffee, we are not your enemy

Director Cordray calls out lawyers and consultants for breeding 'culture of fear'
Despite how it may be perceived, the Consumer Financial Protection Bureau doesn’t view itself as an "enemy" of the financial industry, nor does it want the industry to view it in that way. Rather, the CFPB wants the financial industry to think of it as "an important new friend and ally" in helping to serve the financial needs of the public, CFPB Director Richard Cordray said.
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The TRID ripples: Time to close mortgage loans continues to rise

Loans now take 10 days longer to close than one year ago
In the months since the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule last October, repeated evidence shows the impact of TRID. Now, a report from Ellie Mae shows more statistical evidence on how deeply the impact of TRID is being felt, with the time to close a mortgage loan climbing again.
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