Posts on mortgage compliance and industry regulation including TRID, HMDA, and MERS.
The Consumer Financial Protection Bureau finally issued their long-awaited updates the “Know Before You Owe” rule (better known to lenders as TRID) on Friday, July 7th. The big news is not so much of what CFPB said, but more so in what was not said. CFPB addressed some areas that needed clarification. But, noticeably they side-stepped two of the main…
In case you didn’t know, NCAP is the National Consumer Assistance Plan. Under this plan, the 3 credit repositories will no longer report most civil judgments and tax liens, or unpaid medical bills less than 6 months. They say it’s because, in many cases, these issues are not accurate and they may negatively impact a consumer’s credit profile and score.…
Previously, I mentioned that VA had issued a request for comments on proposals to update the fees a veteran could pay in connection with their mortgage. If you missed that one you can read all about it HERE. It’s about time. VA allowable fees haven’t been updated in over 60 years. Maybe it’s about time for a facelift. The MBA…
The National Consumer Assistance Plan is an initiative launched by the three nationwide consumer credit reporting companies – Equifax, Experian, and TransUnion – to make credit reports more accurate and make it easier for consumers to correct any errors on their credit reports. Under the plan, which was launched in March 2015, the three companies are taking a number of steps…
Just in case you haven’t been following things closely, lenders will be required to report a whole bunch of additional HMDA information for loans reported in 2018; but you probably already knew that (I hope). The MBA, in support of its members and the industry, says that CFPB should extend the new requirements for at least one year because CFPB…
Unfortunately, Wells Fargo is back in the news. They are back this time on the wrong side of a suit brought by the City of Philadelphia. The City is going after Wells for discriminating against minority borrowers in their mortgage lending. They claim Wells charged higher rates to Black and Latino borrowers for their loans as compared to what they…
