The CFPB has been reporting on consumer complaints for the past few tears, this is not new. However, they are now expanding this reporting to provide more specifics on the types of complaints received, and the companies receiving the most complaints (Complaints). You can read this article for all the gory details. What does this mean for lenders? First and…
Reports show that FHA loan production has picked up since enacting their annual premium reduction. This suggests that more people are taking FHA-insured loans to finance their homes (FHA Production). FHA endorsed 102,800 loans in May. A big jump over the 66,300 loans they endorsed in January. Why the jump? A big contributor is obviously the premium reduction. But, did…
As a follow-up to my prior post about CFPB’s birthday, here’s a new one. CFPB is giving the industry a present. Today, CFPB issued the final rule on the extension of the implementation date for TRID. It’s official! The new date is now, Saturday, October 3, 2105 (TRID Start Date). Ain’t that nice? It doesn’t stop there. The final rule…
The CFPB celebrated its 4th birthday today, July 21st, 2015. In connection with this celebration, they issued an announcement highlighting all they’ve done over the past four years to help consumers (CFPB4U). Quite a bit but at what cost? Although CFPB may have benefited many consumers at varying levels, have they also hurt some in other areas? I can’t speak…
At some point in your career − maybe even during a job interview − many in the mortgage lending industry have been asked: Are you a DE underwriter? Do you have a CHUMS number? What is your DE number? Essentially, these are all variations of the same question. In 1996, HUD/FHA delegated the responsibility of approving underwriters to process loans…
The current Administration seems to have a soft spot when it comes to those who have violated the rules. In a speech at the current NAACP Conference in Philadelphia, President Obama mentioned that, among other things, employers should not be allowed to ask an applicant if they had been previously convicted of a crime. Also, he said that once they…
