The MReport Webcast: Wednesday 3/15/2016

Fifty-one percent of repeat homebuyers reported that they experienced unexpected costs, fees, or surprises in their most recent home buying experience, according to ClosingCorp's National TRID Impact on Homebuyers Survey of 1,000 adults nationwide.

The survey also showed that 64 percent of respondents said it was easier getting a mortgage under the old rules, than under TRID, while 57 percent indicated that it took more time to close under TRID than it did previously. Despite the negative effects reported about TRID, homebuyers did report a few positives since the rule went into effect October 2015, indicating that the CFPB's rule may be doing its intended job.

The National Association Federal Credit Union Regulatory Affairs Counsel Alexander Monterrubio wrote a letter to the CFPB urging the agency to lift some of the regulatory burden on credit unions by revising the HMDA resubmission guidelines. Monterrubio specifically recommended that the CFPB quote mitigate the burden of HMDA data reporting by increasing the error percentage thresholds to reduce the likelihood of triggering the requirement to resubmit data in addition to creating a safe harbor for institutions reporting few entries on their loan/applicant register close quote. He also suggested improving the submission process overall and developing stronger procedures to protect sensitive borrower information.