Links in “Integrated Mortgage Disclosures”
- The TRID Effect: Increased Processing Times, Fewer Products, Closing Delays
ABA has released its 2016 TRID survey, and the results are not pretty. Plus, costs per transaction are up from $300 to $1,000 each. [3/7/16]
- More Unintended TRID Consequences: Loans Take 10 Days Longer to Close
Loans now take 50 days to close, up from the 40 days they took this time a year ago. [2/18/16]
- CFPB Makes Minor Fix to TRID Tolerance
NAFCU members have voiced their opinion regarding CFPB's TILA-RESPA Integrated Disclosures (TRID) not covering all aspects of "good faith" lending. [2/17/16]
- TRID Rule Confusion and the CFPB’s Non-Fixing Fix
In a post-TRID world, there remained some ambiguity about the percentage tolerance associated with property taxes, homeowner's association dues, condominium fees, etc., that are paid in advance to applicable parties and not into an escrow account. The CFPB has published a correction that apparently does not actually address the issue in an appropriate manner. [2/11/16]
- TRID Hits Some Banks Harder Than Others
Flagstar "experienced more of an impact" than other bank originators. For JPMorgan Chase, cycle times were "a couple days, few days worsened." [1/27/16]
- Post-TRID Spike in December
After November's steep drop in mortgage originations, December experienced a bounce-back, as buyers sought to close before year-end. [1/26/16]
- TRID: Was All That for Nothing?
After the industry's huge effort to implement the CFPB's TILA-RESPA Integrated Disclosure rule, are homeowners actually using the new Loan Estimate to shop around for lenders with the best rates? Apparently not. [1/19/16]
- CFPB Guidance on Construction Loans Clear as Mud
The CFPB's fact sheet on disclosures of construction-to-permanent loans under TILA/RESPA Integrated Disclosure falls far short of the detailed guidance sought by the mortgage industry. [1/15/16]
- Do You Know NCUAâs Top Exam Priorities for 2016?
The NCUA has announced its exam priorities for 2016 and they include a continued focus on interest rate risk, the new CUSO registration, TRID compliance, and BSA complianceâparticularly as it relates to money services businesses and incident response programs. NCUA also indicated that it will be incorporating the new FFIEC cybersecurity self-assessment process into its examination priorities by the third quarter. [1/12/16]
- CFPB Responds to Bankers on TRID
In response to a letter from Mortgage Bankers Association regarding TRID enforcement, the CFPB notes that there may be unintentional errors in the early phase of implementation, but that initial examinations will focus on bankers' good faith efforts to ensure compliance. [1/4/16]
