Links in “Integrated Mortgage Disclosures”
- Mortgage Lender Incurs Big Fine for Illegal Kickbacks
The CFPB has fined PHH Corporation, a New Jersey lender, $109 million for illegally accepting kickbacks in the form of mortgage reinsurance premiums paid by mortgage insurance companies to a PHH subsidiary. RESPA prohibits the payment of kickbacks for the referral of mortgage services. [6/8/15]
- CFPB Clarifies TILA/RESPA Rule
In a letter to members of the House Financial Services Committee, the CFPB has clarified the three circumstances under which credit unions and other mortgage lenders must restart the clock to allow consumers three business days to review their mortgage package before closing. Those three circumstances are: (1) if the lender increases the APR by more than 12.5 basis points for a fixed rate mortgage or by more than 25 basis points for an ARM; (2) if the lender adds a prepayment penalty; or (3) if the lender changes the loan from a fixed rate product to an ARM. [6/5/15/]
- Industry to CFPB on TILA-RESPA “Sensitivity”: Nice Try
While the CFPB's pledge to be "sensitive" to good-faith efforts to comply with the TILA-RESPA Integrated Disclosure rule, ICBA calls for a more defined grace period through the rest of 2015. ABA concurs. [6/4/15]
- CFPB Clarifies New Integrated Disclosure Rule
In a new blog post, the CFPB outlines the three day rule found in the new integrated mortgage closing disclosures, or the"Know Before You Owe" mortgage rule. [6/4/15]
- CFPB to Industry on TRID Enforcement: We Will Be “Sensitive”
When it comes to enforcing new TILA-RESPA Integrated Disclosure rules starting Aug. 1, CFPB Director Cordray offers no firm grace period, but says that the bureau will be "sensitive to the progress made by those entities that have squarely focused on making good-faith efforts to comply with the Rule on time." [6/4/15]
- Headache x 5 with Looming Mortgage Disclosure Deadline
It's not just tech changes that are causing headaches for lenders as the Aug. 1 new disclosure deadline approaches. Hefty fines, growing legal exposure, rising costs, and a complicated workflow add to the pain. [6/2/15]
- Cost of Mortgage Lending Rises Again
A recent analysis reveals that the cost of mortgage lending rose again and productivity declined in 2014. This is due in part to decreases in volume (because of the shift to purchase lending from refinance activity), and the preparation for the TILA-RESPA integrated disclosures. [5/20/15]
- Industry Takes its TRID Transition Cause to Congress
After getting no signs of flexibility from the CFPB, the ABA takes its cause to Congress in an effort to provide a transition period for TILA/RESPA Integrate Disclosures. "If we do not get this right, it will have a negative impact on consumers, banks, and the recovery of the housing market." [5/15/15]
- Stressed about TRID? You’re Not Alone
With the Aug. 1 effective date rapidly approaching, a survey finds that 79% of banks can't even verify a precise delivery date for their updated TILA-RESPA Integrated Disclosure system. More than 20% say they will stop offering certain mortgage products if their vendor systems are not ready. [5/14/15]
- Do You Know Your Responsibilities if a Broker Delivers Your TILA/RESPA Loan Estimate?
The new TILA/RESPA combined disclosure rules go into effect in just over two months. Are you sure you know what your responsibilities are if you work with a mortgage broker who will be delivering the TILA/RESPA loan estimate disclosures for you? [5/14/15]
