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…
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…
Same old song. This time to the tune of $52.4 million paid by Regions Financial Corporation of Birmingham, AL to HUD settling an action brought under the False Claims Act by the Department of Justice (DOJ). Under this settlement, Regions acknowledged it made and certified FHA insured loans that did not meet all required underwriting criteria. As a result, FHA-insured…
HMDA help is here. MISMO, the Mortgage Industry Standards Maintenance Organization, issued their new HMDA Implementation Toolkit (I’ve dubbed the HIT List) to help lenders prepare for, and report on, the new HMDA requirements (HIT List). These guidelines will make it much easier for a lender to comply with CFPB’s new HMDA requirements. However, if you’re not a MISMO member,…
A Stratmore Group study released in March of this year reported that as the direct result of new TRID rules compliance costs increased $210 per loan. The report also indicated the increase was mainly attributable to an increase in staff. So, why the need for more staff when an investment in technology might do the trick? The preparation of the…
CFPB’s recently released report of their supervisory action for the first 4 months of 2016 revealed that although most lenders are complying with mortgage-related laws, some are still having problems in some areas. CFPB’s Director, Richard Cordray, stated, “The bureau’s supervisors continue to perform more and better oversight of these financial markets and their report give the industry an opportunity…
