Out with the old and in with the new: that’s the theme permeating each year around this time, and it’s no different for the mortgage servicing industry. To be sure, 2015 offered us a hefty amount of new changes to adjust to, but just like a kid jumping waves on the shore of the ocean, as soon as we overcome one wave, we immediately must look to the next, lest we be knocked over by its oncoming force.
This past year brought a number of changes to the mortgage industry. Not least of all, the TILA-RESPA Integrated Disclosure (TRID) rule and the Home Mortgage Disclosure Act (HMDA) have caused some stress, not to mention the increased scrutiny on marketing services agreements (MSAs). Based on these changes, 2016 is looking to be a year of adjustment.
As the year began to wrap up, industry experts indicated that the most pressing topics are moving beyond the sea of change that is TRID. TRID, they said, has a learning curve, but the industry and regulators eventually will sort out the kinks and the new process will become as natural as muscle memory.
“We will probably still be dealing with TRID implementation and the need for guidance to fix glitches at minimum and other things that always needed fixing like the definition of bona fide financial emergency,” said Ken Trepeta, president of the Real Estate Services Providers Council (RESPRO), when asked what the most prominent topics for the upcoming year will be.
For the rest of the story, and all the content and insight available in our 20-page 2016 State of the Industry Special Report, download your free copy of the report here.
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