According to a report in HousingWire, Is TRID hysteria over? Time to close drops to 12-month low, the new TILA/RESPA closing disclosures are not delaying mortgage closings. The story explains "lenders now have this whole TRID thing figured out, as the time to close a loan fell to a 12-month low in March." The TRID […]
Category Archives: Other Lending, Debt, and Credit Issues
Here (behind paywall). Excerpt: Bankers are still grappling with vendor software problems, longer processing times and delays in mortgage closings as a result of new disclosures that went into effect four months ago, according to a new survey by the American Bankers Association. The survey, which was released Tuesday, found that banks are delaying closings […]
In a speech February 25 at the CFPB's Consumer Advisory Board meeting, CFPB Director Richard Cordray identified nine "key areas where we hope to make substantial progress over the next two years." He also noted, however, that "these goals do not capture all of the important work we are doing." The nine goals are: First, […]
Here. Excerpt: In a push for transparency since the 2008 financial crisis, regulators require banks to clearly disclose and explain the terms of just about every financial product, including credit cards and mortgages. But overdraft practices still come with hidden costs and confusing terms, bank customers, lawyers and consumer advocates say. * * * It […]
Jeffrey Davis of Florida has written Regulating for the First Time the Decision to Grant Consumer Credit: A Look at the First Steps Taken by the United States and Australia. Here is the abstract: In this Article, I discuss the changes in three consumer-credit realms. First, I compare the Australian regime applicable to all forms […]
by Jeff Sovern Here. The first paragraphs read: Defying the threat of a White House veto, the House on Wednesday afternoon passed bipartisan legislation to help homebuyers avoid delays and disruptions when closing on their new homes by a bipartisan vote of 303-121. The bill, the Homebuyers Assistance Act, provides a four-month grace period for businesses that […]
The story, based on a Fed study, is here. Excerpt: New rules designed to make sure borrowers can repay their mortgages haven’t curtailed the ability to buy a home, a Federal Reserve study says. * * * The Fed study didn’t find any evidence of credit restriction as a result of the rules. For instance, […]
Here. (HT: Matt Bruckner). Excerpt: After studying overdraft fees for more than three years, the Consumer Financial Protection Bureau is leaning against subjecting banks to tough new rules that would cap the size of charges or limit how frequently they can be imposed on consumers, said two people briefed on the agency’s work. More likely, […]
by Deepak Gupta One of the most important but under-appreciated features of the Dodd-Frank Act was its establishment of the Financial Stability Oversight Council—a new entity with a clear statutory mandate to identify and respond to systemic risks to the entire U.S. economy. The authority was inspired by the failures of entities like the insurance […]
Nathalie Martin of New Mexico has written Giving Credit Where Credit is Due: What We Can Learn from the Banking and Credit Habits of Undocumented Immigrants. Here's the abstract: Undocumented immigrants currently make up more than 5% of the U.S. labor force and 7% of school-age children. Numbering over eleven million, undocumented immigrants unquestionably comprise […]