Links in “Integrated Mortgage Disclosures”

The Government Accounting Office (GAO) has issued a report that finds “moderate to minimal initial reduction in availability of credit” among those who responded to various surveys. However, CUNA points out that the report does not consider the impact of the recent TRID disclosures. [1/4/16]

The TRID rule in the Federal Register includes several unintended deletions, causing the CFPB to issue a new final rule with "technical corrections" it considers "non-substantive." The bureau declined, however, to address a number of issues that wouldn't been relatively simple to correct, such as the apparent error of omitting property taxes paid at closing in the list of items that are not subject to a specific percentage tolerance. [1/4/16]

During November, existing-home sales cooled to their slowest pace in 19 months. The average time it took to close a loan increased three days in November. Not all the blame can belong to TRID, but it certainly isn't helping. [12/23/15]

The TILA-RESPA Integrated Disclosure rule changes were massive, and regulators have, to varying degrees, extended a grace period for compliance. But investors, wary that loans may contain compliance defects, are reluctant to buy, creating liquidity problems for some lenders. [12/22/15]

When it comes to characterizing the impact of the TILA-RESPA Integrated Disclosure rule on the mortgage industry, CFPB's Cordray dismissed it as another Y2K/much-ado-about-nothing event. Many in the mortgage industry see it differently, however. "This is the most time-consuming, biggest event that I've ever had to deal with in my 23 years. And that includes the market crash." [12/15/15]

Richard Cordray, Director of the CFPB,  says that implementation of the new TRID disclosures is going smoothly.  Not so, according to a recent report from Moody’s that found over 90% of the mortgage loans reviewed by third parties contained TRID compliance violations. The CFPB declined the request from credit union trade associations that had pushed for a safe harbor from liability period while credit unions and other financial institutions worked through the complex disclosure requirements. [12/14/15]

Moody's Investors Services reviewed recent mortgage loans for TILA-RESPA Integrated Disclosure rule compliance and found violations in more than 90% of the loans. [12/11/15]

By itself, the Homebuyers Assistant Act, which would give lenders a four-month grace period to comply with TILA-RESPA Integrated Disclosure rule, would likely face presidential veto. Hence, lawmakers are seeking to add its provisions to any year-end spending legislation. [12/7/15]

TILA-RESPA Integrated Disclosure rule "anxieties were much like the errant predictions of technological disaster stemming from Y2K, which of course never materialized," said CFPB Director Cordray. [12/4/15]

A survey finds that 38% of mortgage professionals said compliance with the TILA-RESPA Integrated Disclosure rule remained their chief concern two months after its implementation date. [12/2/15]