Cordray Speaks Out on TRID; Latinos, Household Growth, Culture, and The Housing Market

Posted To: Pipeline Press

Do you have fewer competitors than you did a few years ago? A recent MBA Chart of the Week highlighted HMDA respondents and found that in 2014, 7,062 institutions reported lending activity under HMDA, down from 7,190 lenders in 2013. The decline in HMDA reporting is due to a drop in the number of both depositories and non-depositories. But check this out: the share of the purchase market for non-depositories has increased from 27 percent of purchase originations in 2008 to 46 percent in 2014. The big banks are seeing a bit of a rebound in this. And the number of credit unions reporting mortgage activity under HMDA also declined but had modest gains in purchase share. What does CFPB's Richard Cordray think about the current state of companies trying to comply with TRID? "There is obviously a...(read more)

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from Mortgage News Daily http://ift.tt/1O1SNJ1