The foreclosure process began for 36,863 U.S. homes during July 2016, according to a recent report from RealtyTrac. This number of foreclosure starts fell 5 percent from the month of June as well as 19 percent from the previous year in July 2015. The report states that this number is the lowest level seen for foreclosure starts in 11 years, specifically May of 2005.
Additionally, RealtyTrac reported that banks completed the foreclosure process through repossession (REO) for 27,907 homes for the month of July. This number fell down 8 percent from the previous month, June. Likewise, this number decreased significantly, falling 41 percent from the year prior in July 2015. This makes completed foreclosure levels the lowest since January 2015.
The proposed updates to the CFPB’s TILA-RESPA Integrated Disclosure (TRID) rule, also known as the Know Before You Owe mortgage rule, were published in the Federal Register on Monday, thus launching the 64-day comment period for public comments on the proposal. The comment period on the CFPB’s proposal runs through October 18, 2016. According to the CFPB, interested parties can submit comments via email, electronically online, by mail, or hand delivery.