Hoped-For TRID Leniency Won't Stop Lawsuits; Banks Declining; MI Updates; Rates Decline on Job Data

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Posted To: Pipeline Press

TRID arrives tomorrow, put into business practice on Monday. And the industry wonders if, since under the Dodd-Frank financial reform law the CFPB can impose civil money penalties of $5,000 per day per violation, $25,000 per day for reckless violations, and $1 million per day for knowing violations, companies and individuals should be terrified of losing their savings or their company's balance sheets. What will lenders be responsible for right out of the gate? And what about the myriad of rules that force lenders to do things that are against rules set out by other regulators? Are we having fun yet? The CFPB sent a communication in direct response to the MBA's and industry stakeholders' request for a definition of the Good-Faith Compliance Standard , in regards to the Know Before You Owe TILA...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/10022015-trid-lawsuits.aspx

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