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CFPB Warning: Cordray ‘Disturbed by Reports’ of TRID Implementation; Fannie Expanded Credit in DU; Higher Rates; Housing Starts Rise

CFPB Warning: Cordray ‘Disturbed by Reports’ of TRID Implementation; Fannie Expanded Credit in DU; Higher Rates; Housing Starts Rise

In what seemed to us to be a very long speech for him, Richard Cordray, Director of the Consumer Financial Protection Bureau spoke of three major changes that had affected his audience over the past few years. He spoke to members of the Mortgage Bankers Association (MBA) at their annual convention in San Diego, touching on the qualified mortgage (QM) rule, the recent implementation of the new TILA-RESPA Integrated Disclosure (TRID) rule and forms, and last week release of final rules for reporting under the Home Mortgage Disclosure Act (HMDA). He also elaborated on a recent Bureau bulletin about marketing services agreements (MSAs.) It was his remarks on TRID implementation that pricked up a few ears. Cordray said the Bureau had recognized the significant changes the industry would have to
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