Is it a grace period or not? That is the big question surrounding the very recent CFPB letter on post TRID implementation enforcement actions. Although CFPB has announced it will be sensitive to lenders that make a “good faith” effort to comply with the new rules, they do not go as far as to say there will be no enforcement…
Provident Funding Associates, a major California-based wholesale lender, recently settled with the Consumer Financial Protection Bureau and the Department of Justice to the tune of $9 million. The settlement was not for any violations made by Provident, but for lending discrimination by Brokers who originated loans for Provident. The discrimination came about in the form of higher rates being charged to…
In honor of David Letterman’s recent departure from television, I have compiled a Top Ten list of concerning policies in HUD/FHA’s draft 4000.1 Handbook. Number 10: The Mortgagee must re-verify, in writing or electronically if available, employment, income, assets, gift funds, source of funds and mortgage or rental payments as part of a pre-closing (or pre-funding) review. (Page 506) Although…
The Financial Regulatory Improvement Act of 2015 sponsored by Senator Richard Shelby, R-AL, was recently passed out of the Senate Banking Committee, chaired by non-other than Senator Shelby, himself. This is the first step in the long journey toward full passage of the Bill by the Senate and then the House. Will it make it? If so, will it be…
With rents on the rise in many areas, are renters looking to make to move to homeownership? Not so, according to a study commissioned by Freddie Mac (Study). In the past, many consumers rented a home or apartment until they could save enough money, and have sufficient income, to afford to buy a home. That is the American Dream. Is…
A major challenge ahead for the market is the transition central bankers policy. A few years ago the G-20 was fairly much in sync on their plan for aggressive stimulation, specifically quantitative easing (QE). The difficulty for some was determining how and how much. Now, the disparity of policy is larger because some have little left in their arsenal to…
