With the TRID changes looming large, Brokers are taking their concerns about fee disclosures to Congress. It seems Brokers have realized that, the fees they disclose at application must be accepted by any Lender with which they decide to subsequently register a loan. The Brokers believe the new rules governing the Loan Estimate will make it more difficult for them…
A bi-partisan bill was introduced in Congress last week that intends to provide all lenders with a temporary reprieve from enforcement actions for violations under the new TILA-RESPA Integrated Disclosure (TRID) rules (Relief). Under the proposal, lenders would not be subject to enforcement actions through year end 2015. Eligibility would be based on the lender’s “good faith” efforts to comply…
The other day, I wrote about a bill pending in Congress that would make any loan, made by a Bank and held in portfolio, a bona fide QM (Unintended Consequences). It seems this has stirred some debate; not my blog but the issue of the Bank’s portfolio loan’s QM status (Controversy). At issue is whether a loan is of better…
(Excerpt from MarketLogics 5/5/15) It is amazing how mortgage banking is so entrepreneurial, compared to the lack of innovation from the other industries that are government-regulated utilities. Think about airlines. How many think that the airline industry is making too much money today? It was a utility. It became a for-profit business that could not control costs until after a…
Underwriters & Appraisers Doing FHA Business Take Note – Rare Live Training Opportunity in Detroit This Week. HUD’s Office of Single Family Housing and the City of Detroit, Michigan Land Bank are conducting a live Training Forum for Thursday, May 7, 2015 at HUD’s Detroit Field Office – McNamara Federal Building, 477 Michigan Avenue, 17th Floor. This all day, FREE…
A bill has been introduced in the House which would give existing Bank mortgage loan originators a temporary reprieve from licensing when moving from a bank to an Independent Mortgage Lender (LO Licensing). If passed this would make it much easier for originators to jump from a Bank, where they need not be licensed, to work for a Lender, where…
