Tag Archives: mortgage

Freedom Mortgage buys USDA origination business from Chase

JPMorgan Chase is selling their rural housing business to Freedom Mortgage in an attempt to simplify their mortgage business. Full article can be found at JPMorgan sells USDA business to Freedom Mortgage

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Common TRID errors sent to the CFPB

In a recent letter to the CFPB’s Director Cordray, the Association of Mortgage Investors shed some light on some of the common mistakes that have come about from TRID.    The letter addressed industry concerns over mistakes being made, albeit minor mistakes, … Continue reading

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Post Closing TRID issues beginning to surface in the secondary market

With increased liability and enforcement by the Consumer Financial Protection Bureau, TRID is beginning to have a negative impact on the secondary market. Investors are cautious and rejecting loans in the post TRID world.  Below is a list of some most common reasons loans are being rejected … Continue reading

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CFPB’s complaint department is very busy these days…

According to the 7th volume of the CFPB Monthly complaint report for December 2015 released on Thursday, the bureau has received 790,000 complaints since opening it’s doors in 2011.  Of the 790,000 complaints 209,618 of them were specific to mortgages. Click on the link … Continue reading

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Foreclosure filings drop to a nine year low

Good news for the real estate industry.  RealyTrac reported that default notices, scheduled auctions and bank repossessions were reported on 1,083,572 U.S. properties in 2015, the lowest annual total since 2006, when there were 717,522 properties with foreclosure filings nationwide. “In … Continue reading

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Recent survey reports mortgage lenders not prepared for August 1, 2015

41% of mortgage lenders reported that they are not ready for the TRID August 1, 2015 deadline.  The figure is a result of a recent survey conducted by Capsilon Corp. at the recent Mortgage Bankers Association’s National Technology in Mortgage … Continue reading

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CFPB Takes Action Against NewDay Financial for Deceptive Mortgage Advertising and Kickbacks

The CFPB took action against NewDay Financial, LLC for deceptive mortgage advertising and kickbacks. NewDay deceived consumers about a veterans’ organization’s endorsement of NewDay products and participated in a scheme to pay kickbacks for customer referrals. NewDay will pay a … Continue reading

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Bank of America joins Wells Fargo in decision to prepare the closing disclosure form

Bank of America Announcement: Bank of America continues to prepare for the Consumer Financial Protection Bureau’s (CFPB) Integrated Mortgage Disclosures rule under the Real Estate Settlement Procedures Act (Regulation X) and the Truth In Lending Act (Regulation Z) that go … Continue reading

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Qualified Mortgage and Ability to Repay Rule aim to aide consumers

The Qualified Mortgage Rule, which includes the new Ability to Repay requirements became effective today.  This article gives a good overview of the rule and what outcome it might have on the mortgage industry. http://www.usatoday.com/story/money/business/2014/01/09/qualified-mortgage-borrowers-consumer-protection/4361281/

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The Qualified Mortgage (QM) Rule goes into effect tomorrow January 10th…

Here is some good news from the lending community… http://www.nationalmortgagenews.com/features/Lenders-Are-Not-as-Worried-About-Interruption-from-QM-Rule-1040553-1.html

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