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Get technical about TRID systems
Posted Date: Monday, July 27, 2015
In the time leading up to the TILA-RESPA Integrated Disclosure rule implementation, much of the focus, speculation and downright uncertainty have been focused on the technology. But how does it actually work? The experts weighed in here.
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It’s official: TRID will be implemented Oct. 3
Posted Date: Tuesday, July 21, 2015
The official implementation date for TILA-RESPA Integrated Disclosure rule will be Saturday, Oct. 3, 2015, the Consumer Financial Protection Bureau announced Tuesday. Read on to find out what comments the CFPB found persuasive, why it decided on the date and everything else you need to know about the finalized rule.
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Brace yourself: TRID is coming, so let’s talk refunds
Posted Date: Monday, July 13, 2015
With the announcement from the Consumer Financial Protection Bureau (CFPB) that it is considering delaying the implementation of the TILA-RESPA Integrated Disclosure (TRID) rule until Oct. 3, the mortgage industry potentially has an extra two months to talk about the scariest thing to banks since John Dillinger’s Tommy gun: TRID! With that, why not kick off the discussion with the second scariest word that bankers never want to hear: refunds.
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CUNA asks CFPB to address TRID discrepancy
Posted Date: Monday, June 22, 2015
The Credit Union National Association would like to clarify an exemption from the TRID rules for credit unions or other lenders that make five or fewer mortgages each calendar year. The confusion stems from a discrepancy CUNA said it found between the Consumer Financial Protection Bureau’s previous TILA-RESPA Small Entity Compliance Guide and supplementary information about the rule added later.
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CFPB clarifies three-day rule will not delay most closings
Posted Date: Thursday, June 4, 2015
The Consumer Financial Protection Bureau issued a fact sheet Wednesday to explain aspects of the three-day rule that many experts feared would cause delays in closings. In the fact sheet, the bureau explains why the rule will not be a problem for most borrowers.
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OCC announces TRID materials, restrictions on mortgage practices
Posted Date: Monday, July 13, 2015
The Office of the Comptroller of Currency (OCC) recently released new materials to help its banks and thrifts to comply with the TILA-RESPA Integrated Disclosure (TRID) rules, which are expected to be implemented in October. Additionally, the OCC announced that several banks are going to face more restrictive mortgage practices. See what’s going on here.
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Texas borrower files big complaint with big mistakes
Posted Date: Monday, June 22, 2015
Six years after he began making payments to a new loan servicer, a Texas borrower wondered whether he actually had been paying the correct party through the years. After inquiring about the matter to his servicer, and doing his own research which turned up no evidence of a transfer, he decided to stop making his mortgage payments. See what happened here.
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PHH Corp. to appeal Cordray’s $109 million judgment
Posted Date: Monday, July 6, 2015
As promised, PHH Corp. and its co-litigants have petitioned the United States Court of Appeals for the District of Columbia Circuit for an appeal to the Consumer Financial Protection Bureau Director Richard Cordray’s administrative decision regarding alleged RESPA violations. See what’s happening here.
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Bankrate: CFPB investigated its rate checker
Posted Date: Monday, June 22, 2015
Just a few months after the Consumer Financial Protection Bureau (CFPB) launched its “Owning a Home” mortgage rate-checker tool on its website, Bankrate, Inc. recently disclosed in a filing with the Securities Exchange Commission that the CFPB is investigating Bankrate regarding its online-based mortgage rate comparison tool.
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Hoffman Law Group hit with steep judgment by Florida court
Posted Date: Thursday, June 11, 2015
A Florida court granted the Consumer Financial Protection Bureau (CFPB) and the state of Florida a final judgment in the ongoing case against Hoffman Law Group and its corporate affiliates, who were accused of deceptive marketing practices and “scamming homeowners into paying illegal advance fees.” See what they have to do now here.
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Regulators will not be ‘punitive’ following TRID, Cordray says
Posted Date: Thursday, July 16, 2015
Testifying before the Senate Banking Committee on Wednesday, Consumer Financial Protection Bureau Director Richard Cordray assured the committee that the CFPB and other agencies “will not be looking to be punitive toward people” following the implementation of TRID. See what happened here.
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CFPB deputy director announces resignation
Posted Date: Monday, July 20, 2015
Steven Antonakes, the deputy director of the Consumer Financial Protection Bureau, announced in an internal memo that he will be stepping down. Antonakes has been at his post since September 2013. Read on to find out why Antonakes said now is the right time for him to depart.
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Whistleblowers testify regarding discrimination within ‘soul-less’ CFPB
Posted Date: Thursday, June 25, 2015
Two Consumer Financial Protection Bureau (CFPB) “whistleblower” employees testified at a hearing June 25 before the House Financial Services Committee regarding allegations of discrimination and retaliation by the bureau against its employees. See what they had to say here.
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Pair sentenced in $24 million mortgage fraud scheme
Posted Date: Thursday, August 27, 2015
A mortgage fraud scheme which resulted in about $24 million in losses to several banks came to a conclusion recently for two of the men involved in the crime. Two Florida men, the owner of a mortgage company and a bookkeeper, were sentenced for their roles. See the details here.
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Boomers more likely to form new households, buy homes than millennials
Posted Date: Thursday, August 27, 2015
As the housing market moves into its recovery period, millennials still largely are renting, while the older generation buys more homes. Read on to find out why some experts are not sure whether the rates of homeownership will improve in the next decade, and others are more optimistic.
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OIG audits HUD’s HECM program, finds numerous flaws
Posted Date: Thursday, August 27, 2015
The Office of the Inspector General (OIG) audited the U.S. Department of Housing and Urban Development’s (HUD) oversight of its Home Equity Conversion Mortgage (HECM) program to determine whether HUD’s Office of Single Family Housing had effective controls. See where HUD is having trouble.
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Loan modifications now outpacing foreclosures
Posted Date: Wednesday, August 26, 2015
According to the Hope Now organization, the mortgage industry now is completing more mortgage loan modifications than foreclosures. Read on for more information about the second quarter’s promising statistics.
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Court allows borrower’s RESPA claim against Seterus to go forward
Posted Date: Monday, August 24, 2015
After failing to make her mortgage payments and while facing foreclosure, a borrower in Florida attempted to submit a loan modification application to her mortgage servicer. However, the application, which was transmitted to and received by the servicer the same day, was not acknowledged or responded to for three months. The borrower now is suing for RESPA violations.
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Three TRID worries still making the industry nervous
Posted Date: Monday, August 24, 2015
The Oct. 3 implementation date for the TILA-RESPA Integrated Disclosure rule is just around the corner, and the industry still has a few issues with the new rules that have some biting their nails. Read on to find out what three of the top worries are for the industry leading up to the big day.
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Regulator goes after big banks to recoup $695 million of losses
Posted Date: Monday, August 24, 2015
Citing the hundreds of millions of dollars it lost from selling mortgage-backed securities owned by a defunct bank, the Federal Deposit Insurance Corp. is suing some of the biggest banks in the country to get its money back. See the details of the cases here.
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FHA unveils new program to help underserved mortgage borrowers
Posted Date: Monday, August 24, 2015
The Federal Housing Administration (FHA) announced that it will implement a new part of its “Blueprint for Access,” a program designed to expand credit access to underserved borrowers. See the details of the program here, including how the FHA hopes the program will assist both lenders and borrowers alike.
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How would you rate the CFPB? Yelp wants to know
Posted Date: Thursday, August 20, 2015
In a new agreement between the federal government and Yelp, the public now is able to rate and review any federal agency for others to see. The agencies now can claim their page on Yelp to read and respond to unfiltered reviews. We have the details here.
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California district court allows RESPA case against Chase, Caliber to proceed
Posted Date: Thursday, August 20, 2015
Few plaintiffs are able to obtain relief under RESPA based on the high standards for establishing a case. Nonetheless, a couple of California borrowers are seeing their case against one of the biggest banks in the nation survive the bank’s motion to dismiss after the bank failed to properly address their loan modification agreement. See what’s happening here.
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OIG busts Prudential for underwriting violation
Posted Date: Thursday, August 20, 2015
The Office of the Inspector General is recommending a variety of legal remedies against Prudential for underwriting violations that the department says amounted to a $15 million loss to the Department of Housing and Urban Development’s FHA insurance fund. See what happened here.
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Sekhon to be OCC’s deputy comptroller for capital, regulatory policy
Posted Date: Thursday, August 20, 2015
The Office of the Comptroller of the Currency (OCC) announced that Amrit Sekhon would be named Deputy Comptroller for Capital and Regulatory Policy. In this role, he will serve as key advisor to the OCC on domestic and international issues. See the details here.
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Mortgage delinquency rates continue to plummet
Posted Date: Monday, August 17, 2015
The rate in which borrowers are delinquent for 60 days or more on their mortgage payments is continuing to fall rapidly, according to TransUnion. The mortgage delinquency rate has now dropped 21 percent in the last year. See the details of the trend here.
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Ocwen allowed to keep servicing rights, has internal review group deemed compliant
Posted Date: Friday, August 14, 2015
Ocwen Financial had some good news this week when, despite the loan servicer’s infamous problems, Wells Fargo certificate holders voted to keep it on as a servicer. Additionally, an investigation into the company by the Office of Mortgage Settlement Oversight returned positive results for Ocwen. Read on for the details.
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PHH announces $62 million loss in second quarter
Posted Date: Wednesday, August 12, 2015
Significant operating expenses and a $46 million loss in servicing has led PHH Corp. to report losses of $62 million for the second quarter, a 377 percent increase from the same period last year. See the details here.
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HUD announces settlement agreements with two lenders for mortgage violations
Posted Date: Wednesday, August 12, 2015
The Department of Housing and Urban Development (HUD) announced settlement agreements with two lenders who allegedly had entered into mortgage schemes which increased loan costs for borrowers. The lenders not only will face monetary penalties, but also will have their FHA-approved status permanently revoked. See why HUD says they broke the law here.
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OIG finds CFPB construction costs reasonable
Posted Date: Monday, August 10, 2015
After much criticism from lawmakers regarding the costs associated with the renovation of the Consumer Financial Protection Bureau’s headquarters, an investigation by the Office of Inspector General have determined that the expenses have been “reasonable.” Read on for more from the report.
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SIGTARP, Treasury duel over high HAMP denials
Posted Date: Monday, August 10, 2015
Seventy percent of homeowners who applied to lower their mortgage payment through the Home Affordable Modification Program have been denied assistance by their servicer, the Special Inspector General for the Troubled Asset Relief Program said. The inspector general’s office wants to know why. See the details here.
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J.G. Wentworth entering mortgage lending market
Posted Date: Monday, August 10, 2015
The J.G. Wentworth Co., a leading purchaser of structured settlement payments famous for its “877-CashNow” commercials, announced that it has finalized its acquisition of WestStar Mortgage Inc. and thus is entering into the mortgage market. See the details here.
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House committee passes QM safe harbor, rejects asset limits
Posted Date: Thursday, August 6, 2015
Along with passing the TILA-RESPA Integrated Disclosure delayed enforcement bill, the House Financial Committee passed a “safe harbor” that would exempt banks from the Consumer Financial Protection Bureau’s qualified mortgage requirements if the institution holds the loan in its portfolio. Read on for details of the proposal.
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Survey says lenders already benefiting from delayed TRID date
Posted Date: Thursday, August 6, 2015
Although the Consumer Financial Protection Bureau consistently has refused to implement a clearly defined delayed enforcement period for the TILA-RESPA Integrated Disclosure rule, lenders already are benefitting from the delayed implementation of the rule, a DocuTech survey suggested.
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House committee approves TRID delayed enforcement
Posted Date: Monday, August 3, 2015
The bill to delay the Consumer Financial Protection Bureau’s enforcement of the new TILA-RESPA Integrated Disclosure rule passed the House Financial Services Committee last week, along with two others. See what happened here.
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CFPB goes after mortgage companies for deceptive advertising
Posted Date: Monday, August 3, 2015
A payment processor in Colorado will return $33.4 million in fees to approximately 125,000 consumers and pay a $5 million civil penalty to the CFPB, and a mortgage servicer in Virginia will pay a $100,000 civil penalty, after the Consumer Financial Protection Bureau found that that the companies were deceiving consumers with advertisements for a mortgage payment program that promised tens of thousands of dollars in interest savings from more frequent mortgage payments.
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OIG finds deficiencies in CFPB’s complaint database
Posted Date: Monday, August 3, 2015
According to a report released by the Office of the Inspector General (OIG) for the Consumer Financial Protection Bureau, the bureau has taken steps to secure the DT Complaint Database in accordance with Federal Information Security Modernization Act of 2014and the OIG’s information security policies and procedures. Yet it also found several deficiencies. Read on for details of the report.
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CFPB releases Spanish version of settlement cost booklet
Posted Date: Monday, August 3, 2015
The Consumer Financial Protection Bureau has released a Spanish version of its Your Home Loan Toolkit, which is designed to replace the current settlement cost booklet when the TILA-RESPA Integrated Disclosures rule goes into effect.
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