Government

The Consumer Financial Protection Bureau (CFPB) has announced a proposed amendment to the Know Before You Owe mortgage rule, commonly known as the TILA-RESPA Integrated Disclosure (TRID) rule, which would move the effective date of the rule to Saturday, October 3, 2015. According to CFPB, the Bureau is issuing the proposed amendment to correct an "administrative error" that would have pushed the TRID effective date back at least two weeks from its original effective date of August 1, 2015.

Earlier this month, Freddie Mac announced that it would offer its Loan Prospector underwriter system free of charge as of June 1, 2015. Today, Fannie Mae matched Freddie Mac’s offer and announced that it will eliminate fees on its Desktop Underwriter automated underwriting system and Desktop Originator tool.

The housing market is showing no signs of slowing down as new single-family home sales in May 2015 rose 2.2 percent to a seasonally adjusted annual rate of 546,000, the highest rate since February 2008, according to new residential sales data released jointly today by the U.S. Census Bureau and HUD.

In order to provide transparency, reduce risks to consumers, and comply with Federal consumer financial law, the Consumer Financial Protection Bureau (CFPB) recently shared its eighth Supervisory Highlights report. The report covers the illegal practices that the Bureau uncovers in areas such as consumer reporting, debt collection, student loan servicing, mortgage origination, mortgage servicing, and fair lending for the first four months of the year.

After a decline in economic activity in the first quarter, research has shown that a complete turnaround is expected for the second quarter. Fannie Mae’s Economic & Strategic Research (ESR) Group found indicators of the U.S. experiencing a moderate rebound in economic growth for the current quarter.

With word the highly anticipated disparate impact ruling expected to come forth by the end of June, industry leaders cannot help but grow increasingly curious regarding this Supreme Court case. The Supreme Court heard the case of Texas Department of Housing and Community Affairs, et al. (Texas) v. Inclusive Communities Project, Inc. (IC) on January 21 and have yet to make a decision on this case.

As a warning to mortgage industry lenders, the Consumer Financial Protection Bureau (CFPB) is investigating Bankrate’s mortgage rate comparison tool on Bankrate.com. Bankrate discussed the CFPB investigation in a recent Securities and Exchange Commission (SEC) filing.

Upon the announcement, many lenders, servicers, and other industry members weighted in with their feedback in interviews with MReport, with many expressing their gratitude and detailing the company adjustments they plan to initiate if the proposal is approved.

In Freddie Mac’s most recent Primary Mortgage Market Survey (PMMS) the rates for average fixed mortgages dropped from last week’s unusual high. The Government-Sponsored Enterprise reported that the 30-year fixed rate mortgage (FRM) averaged 4.0 percent with an average 0.7 point for the week ending June 18, 2015.

Torrance-California based DocMagic, Inc., has announced that the company will be fully TRID complaint by August 1, regardless of when the new rule actually takes effect. DocMagic is a provider of fully compliant loan document preparation, compliance, and eSign and eDelivery solutions.