cfpb: CFPB "Rate Checker" Still in the News and Under Attack
- 01/25/15 02:27 AM
Nationally syndicated real estate news columnist Ken Harney has released an article that appeared in The Hartford (CT) Courant on Friday (01.23.2015), entitled "Consumer Agency's 'Rate Checker' Gets An Incomplete Grade". Harney is the latest in a line of mortgage industry leaders, associations and others in the real estate profession to level criticism against the Consumer Finance Protection Bureau ("CFPB") "Rate Checker" tool on its new "Owning a Home" web page. A previous post entitled "Learn About "Owning A Home"...... From CFPB" announced the launch of the web page, and a previous post entitled "MBA Attacks "Owning a Home" Web Page" outlined the critique … (6 comments)
cfpb: The Revisions Have Begun
- 01/22/15 02:56 AM
You may have missed the announcement as I am not sure there was one. I am subscribed to CFPB announcements and emails and did not receive any notice of this rule change. Two days ago (Tuesday, 01.20.2015) the Consumer Finance Protection Bureau ("CFPB") finalized two minor changes to the TILA-RESPA Integrated Disclosure forms. The official announcement on the CFPB website is HERE. The changes were made in response to pressure from the mortgage industry. The first rule change addresses the timing of the required, revised Loan Estimate at the time of a rate lock on an adjustable rate loan. The second … (9 comments)
cfpb: Title Insurance Association Expresses Concern
- 01/20/15 07:56 AM
The American Land Title Association (ALTA") has expressed concern that the new TILA-RESPA Integrated Disclosure form to be used as a "Closing Disclosure" does not properly provide for the disclosure of title insurance premiums. In a post on BusinessWire.com ALTA expresses its concern that the new Closing Disclosure that replaces the HUD-1 Settlement Statement as of August 1, 2015 will mislead consumers as to exactly what is being paid for title insurance premiums. ALTA is the national association of title insurers and others involved in land title matters. ALTA indicated that the form as developed by the Consumer Finance Protection Bureau … (6 comments)
cfpb: MBA Attacks "Owning a Home" Web Page
- 01/15/15 03:14 AM
The Mortgage Bankers Association President and CEO has stated that the Consumer Financial Protection Bureau web page that was unveiled two days ago should be altered to remove the "Rate Checker" tool. A prior post entitled "Learning About 'Owning a Home'....from CFPB" outlined the new educational web page that has been rolled out by CFPB. The MBA is of the opinion that the tool on the page which allows consumers to check interest rates in their states does not go far enough and may violate CFPB disclosure laws and regulations. The statements by the MBA were reported in an article appearing … (14 comments)
cfpb: Learn About "Owning A Home"...... From CFPB
- 01/13/15 03:47 AM
The Consumer Financial Protection Bureau ("CFPB") has added a new page to its website entitled, "Owning a Home". I recalled after taking a quick look at the new page that some concern has been expressed in the press that people are not shopping around enough for their mortgage needs and are taking whatever might be offered that is affordable. The new web page is apparently targeted at that concern. The new CFPB web page is a very basic tutorial on buying a home, and more specifically, about getting a mortgage loan. The new page provides a link to check current interest … (4 comments)
cfpb: Blame It On The Servicers
- 12/20/14 09:45 AM
In a blog appearing in the Wall Street Journal for December 19, 2014, the author is blaming loan servicers for the tight credit market despite the relaxation of the QM rule and the requirement that lenders retain a 5% stake in mortgages they sell that have LTVs of greater than 80%. The blogger cites a research paper released by the Urban Institute that indicates that the high cost of servicing delinquent loans is keeping lenders from loosening their credit standards to accept less than prime borrowers. The blog indicates that last year the cost of servicing a delinquent loan was $2300 per … (3 comments)
cfpb: What Does the GOP Congress Take On First?
- 11/19/14 09:10 PM
With the election behind us people are speculating as to what issues Congress will tackle in 2015. In an article on housingwire.com Stanley Street, President of Street Resource Group, a mortgage software development company, indicated that as far as housing is concerned, there will be, "a lot of talk but not action". Street is of the opinion that it will take about six months for any action and people at that point will then be talking about 2016 elections. He is predicting that as long as Fannie and Freddie make money little will be done to restructure those GSEs. That has … (4 comments)
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Randy Kirsch
(NMLS# 1012303) Your Dedicated Mortgage Consultant
Nationally syndicated real estate news columnist Ken Harney has released an article that appeared in The Hartford (CT) Courant on Friday (01.23.2015), entitled "Consumer Agency's 'Rate Checker' Gets An Incomplete Grade". Harney is the latest in a line of mortgage industry leaders, associations and others in the real estate profession to level criticism against the Consumer Finance Protection Bureau ("CFPB") "Rate Checker" tool on its new "Owning a Home" web page. A previous post entitled "Learn About "Owning A Home"...... From CFPB" announced the launch of the web page, and a previous post entitled "MBA Attacks "Owning a Home" Web Page" outlined the critique … (6 comments)
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