The comment period for the changes to the CFPB “Know before You Owe” rule, better known to the industry as TRID, was up October 18th. The industry groups, i.e. MBA, ABA, CBA, etc. all submitted their comments. Did you? CFPB proposed several changes to the TRID rules based on issues raised by the industry and others. One key element they…
Besides the recent ruling in the PHH case, there are other things happening with the CFPB. First, some good news. Dodd-Frank requires the CFPB to review and assess the effects of any rules implemented under the Act. Accordingly, even though it’s only been 3 years since we got the QM rule, they are already hard at work evaluating its effect…
I recently attended the Northeast Conference of Mortgage Brokers and Professionals at Harrah’s Resort and Casino in Atlantic City. I sat in on a presentation where the general gist of the conversion was that we have seen rates go about a low as they’re going to go for a while. After the election, they said, we should see a Fed…
A new battle is about to be waged in condo fees credit reporting. Equifax announced it will be collecting information on condo fee payments using a data aggregator, Sperlonga. They believe this will be good because those who pay timely will get the benefit of their good payment habits. Some say, “Hold on, just a minute there cowboy!” (Condo Fees)…
I recently spoke with Brian Honea of The MReport about how lenders might be affected by the upcoming HMDA changes. You can read my comments HERE. Take a look. The requirements to capture and report new data elements for HMDA may seem like a long way off, but funny how time files when you’re programming for changes. Think of TRID…
By now, you’ve probably heard that PHH won their case against CFPB on the anti- kickback provision under RESPA. The $109 million fine imposed by CFPB Director, Richard Cordray, against PHH was also invalidated by the Court. That’s great news for PHH, but what about the rest of the industry? In the decision, the US Court of Appeals, District of…
