Mortgage Investors Warn About TRID Fallout

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The TILA-RESPA integrated disclosures are having a chilling effect on investment in non-agency U.S. mortgages, and problems could bleed over into the agency market.

New disclosures that are now required by the Consumer Financial Protection Bureau’s Know Before You Owe initiative have created a climate of legal uncertainty.

While some TRID errors can be fixed going forward, others will expose investors to greater liability and result in additional costs that will ultimately be passed onto borrowers.


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COFI Percolates Higher

Author:  //  Category: Mortgage

For the third consecutive month, the Cost of Funds Index has risen, though not as much as a more widely used adjustable-rate mortgage index.

During the month of February, COFI was calculated to be 0.670 percent. The index inched up from one month prior, when it came in at 0.664 percent.

COFI has now established a short-term trend, with the index having moved higher each month since November 2015, when it was 0.644 percent based on historical data.


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Freddie’s New Business Slow, Delinquency Low

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It was the slowest month for new business at Freddie Mac in more than a year. Delinquency, meanwhile, fell to a seven-year low.

The Federal Home Loan Mortgage Corp.’s purchases and issuances in February declined 10 percent from the first month of the year.

Business for the McLean, Virginia-based secondary lender has not been as slow as it was during February since January 2015.


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Fannie Updates QA System

Author:  //  Category: Mortgage

The Federal National Mortgage Association is making updates that will result in enhancements for its home lending customers.

An update is being implemented to Fannie Mae’s quality assurance system. The update includes new reports and additional file types.

Among the new reports is a closed-loan reviews report showing loan-file reviews that have been closed by the Washington-based firm.


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Fannie Updates QA System

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National M.I. Touts Milestone

Author:  //  Category: Mortgage

A mortgage insurance company that is not quite four years old is touting a milestone in the number of lender clients it has reached.

National Mortgage Insurance Corp. started its journey in April 2012 when it raised $550 million through a common stock offering.

After obtaining required approvals and setting up shop, the Emeryville, California-based firm insured its first mortgage in April 2013.


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BluePay Founder John Rante Becomes Executive Chairman, Bala Janakiraman Promoted to CEO

Author:  //  Category: Mortgage

BluePay, a premier provider of integrated payment technology, is pleased to announce the promotion of Bala Janakiraman from President and COO to CEO.

NAPERVILLE, IL, USA, March 31, 2016 /EINPresswire.com/ — BluePay, a premier provider of integrated …

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Fannie’s Business Slowest Since Mid-2014

Author:  //  Category: Mortgage

Secondary activity at the Federal National Mortgage Association fell to the lowest level in 20 months, while delinquency hasn’t been this low in seven years.

The Washington-based government-sponsored enterprise generated 6 percent less in new business acquisitions during February than it did a month earlier.

The last time that Fannie Mae’s new business acquisitions have been this slow was back in June 2014, according to historical data from the secondary lender.


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Proposal Would Have Borrowers Order Appraisals

Author:  //  Category: Mortgage

A proposal to make residential real estate appraisals portable would have prospective mortgage borrowers ordering appraisals directly from appraisal management companies.

Under the current system, mortgage lenders order appraisal reports from AMCs that then pass on the assignment to appraisers. Some lenders have an ownership interest in AMCs.

But by enabling the consumer to order the appraisal from the AMC, application fallout would be reduced, loan turnaround would improve and comparison shopping would rise.


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loanDepot CEO Talks About Growth Strategy

Author:  //  Category: Mortgage

loanDepot Inc. has seen tremendous growth since it opened for business. The mortgage firm’s founder and chief executive officer talked about loanDepot’s growth strategy.

Since it was launched in 2010, the Foothill, Ranch, California-based business has gone from a startup to an organization that originated nearly $30 billion in loans last year.

Net income at loanDepot — which has now expanded beyond just residential lending — jumped to $58 million during the first half of 2015 from just $15 million for all of 2014.


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Corporate Renaissance Group and PDS Join Forces

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Corporate Renaissance Group and PDS Join Forces to Fulfill Market Demand for Advanced Employee Performance Management and HRMS Solutions

OTTAWA, ON, CANADA, March 31, 2016 /EINPresswire.com/ — Corporate Renaissance Group (a member of the Microsoft® …

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