CFPB Clarifies TRID Good-Faith Enforcement
ALTA TitleNews Online | October 1, 2015
In a letter, CFPB Director Richard Cordray wrote that during initial examinations for TRID compliance, examiners will evaluate a company’s “compliance management system and overall efforts to come into compliance, recognizing the scope and scale of changes necessary for each supervised institution to achieve effective compliance.” The letter was in response to ALTA’s continued efforts, along with others in the mortgage and real estate industry, requesting a formal hold-harmless period following implementation of TRID on October 3.
TRID Start Date Looms Large Over Mortgage Lenders
Scotsman Guide | October 1, 2015
In testimony before the House Financial Services Committee this past Tuesday, CFPB Director Richard Cordray said the bureau’s approach will be corrective and diagnostic in the initial period, and not “punitive.” He also said federal regulators will release a letter that explains their policy during the transitional period.
Mortgage Rates Hold Steady
The Washington Post | October 1, 2015
The 30-year fixed-rate average ticked down to 3.85 percent with an average 0.6 point. It was 3.86 percent a week ago and 4.19 percent a year ago