Send2Press›Wire›Finance›Banking›Mid America Mortgage Seeks TRID Scratch and Dent Mortgage Loans for Potential Purchase
PRESS RELEASE:
"With TRID now in effect for two months, loans with the new disclosures have begun making their way to investors and been rejected for purchase due to minor TRID infractions to more significant errors," said CEO Jeff Bode.
Source: Click n' Close Inc. |
ADDISON, Texas, Dec. 22, 2015 (SEND2PRESS NEWSWIRE) — Mid America Mortgage, Inc. (Mid America) Owner and Chief Executive Officer Jeff Bode announced the firm’s interest in purchasing Scratch & Dent loans with TILA-RESPA Integrated Disclosure (TRID) infractions, even if a previous investor has rejected the loan for purchase.
“With TRID now in effect for two months, loans with the new disclosures have begun making their way to investors and been rejected for purchase due to minor TRID infractions to more significant errors. It is to be expected, with a change this voluminous, to have errors during the first months of loans,” Bode explained. “While the industry has diligently striven to have systems in place, training delivered, and testing fully vetted, errors cannot be completely avoided.”
“Mid America feels confident in its ability to cure these defects while providing lenders with an outlet for investor-rejected TRID loans,” he added.
Examples of defects include:
* Disclosure timing outside of required timelines
* Missing NMLS information
* Missing real estate broker information
* Extraneous logos on the Loan Estimate (LE) or Closing Disclosure (CD)
* Title fees missing and/or not including “Title” before the fee name
* CD showing property address as borrower current address on a purchase.
To have your loan with TRID infractions considered for purchase by Mid America Mortgage, contact Richard Glover, managing director of whole loan sales, at 817-735-1071 or richard.glover@midamericamortgage.com.
About Mid America:
Additional information about Mid America Mortgage, Inc. can be found on the company’s website at http://www.midamericamortgage.com/about/.
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Twitter: @midamericamtge #TRID
News issued by: Mid America Mortgage, Inc.
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Original Story ID: 2015-1222-01 (10760) :: mid-america-mortgage-seeks-trid-scratch-and-dent-mortgage-loans-for-potential-purchase-2015-1222-01
Original Keywords: Jeff Bode, TRID infractions, TILA-RESPA Integrated Disclosure Mid America Mortgage, Inc. Addison Texas ADDISON, Texas
Alternate Headline: Mid America Mortgage Seeks TRID Scratch and Dent Mortgage Loans
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News Source: Click n' Close Inc.
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STORY FILED UNDER:
Banking | Finance | Real Estate | Texas Business | U.S. Business
RELATED TOPICS:
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Click n' Close Inc.
Click n' Close, Inc., formerly known as Mid America Mortgage, is a multi-state mortgage lender serving consumers and mortgage originators through its wholesale and correspondent channels and is also the nation's leading provider of Section 184 home loans for Native Americans. In operation since 1940, Click n' Close has thrived by retaining its entrepreneurial spirit and leading the market in innovation, including its adoption of eClosings and eNotes.
More Information: https://www.clicknclose.com/
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