Written by Ren Reed | Mar 30, 2018 9:25:27 PM
News in mortgage:
March 30, 2018
- (FHFA) announcement this week provides market participants with important clarity on
the June 2019 implementation of the new Uniform Mortgage-Backed Security (UMBS).
With the first UMBS issuance in June, forward trading will likely occur in the first quarter
of 2019.
With less than one month remaining until the April 19, 2018 effective date
of bankruptcy-related amendments to Regulation X and Regulation Z, the Consumer
Financial Protection Bureau (“CFPB”) has issued “Mortgage Servicing FAQs” to address
several questions it has received regarding the new bankruptcy statement
requirements. Specifically, the FAQs provide some clarification regarding periodic
statements, coupon books, reaffirmation, successors in interest, and the effective date.
Overall, the CFPB’s eleventh-hour issuance of the FAQs appears to manifest an intent
by the Mulvaney-led Bureau to continue the CFPB’s pursuit of regulations that impose
new requirements related to mortgage servicing procedures, especially with respect to
financially distressed borrowers.
Lenda claims to make the fastest mortgages out there — currently two weeks start to
finish, with an eventual goal of 30 minutes in a nearly all-digital process.
Jason van den Brand, the CEO states: “Mortgages are stuck in the dark ages when it
comes to technology, "The big banks are working on technology that was built
in the. We cater to the customer who lives on their phone, laptop and tablet and
shops online and compares online."
Their goal is for A real estate agent to be able to drive a client around to look at
properties and give the customer the keys to a house the same day.