September 24, 2014
Group of Over One Dozen Trade Groups Urge CFPB to Provide More Guidance on RESPA-TILA Implementation
A group of trade associations, including ALTA, American Bankers Association, Mortgage Bankers Association, and the National Association of Realtors sent a letter to the Consumer Financial Protection Bureau urging it to provide more authoritative guidance and outreach as we move closer to the August 1, 2015 implementation date. They also urged the CFPB to continue to attend industry conferences, provide additional exemplar forms, and resolve conflicting regulations.
In the letter, the group said, “As we move forward, we anticipate a steady stream of questions and issues will arise requiring guidance from the Bureau. With the August 1 effective date coming during the height of the home-buying season, getting these issues addressed quickly and reliably will be necessary for the effective implementation of this important new consumer safeguards.”
Read the letter in its entirety here.
ALTA Provides Comments to CFPB on Proposed Expansion of its Consumer Complaint Database
The American Land Title Association (ALTA) submitted a comment letter to the Consumer Financial Protection Bureau (CFPB) regarding its proposal to include consumer complaint narratives in the CFPB’s Complaint Database. The letter, which included feedback from TLTA members, suggested that the current proposal would not be a useful tool for consumers, regulators, and the industry. Instead, the comments offered suggestions on alternative ways to improve the database, including allowing for unfounded complaints to be removed and allowing consumers to post positive reviews as well as negative ones. The letter can be viewed
here.
The Mortgage Choice Act Passes the House as Part of a
Larger Package Deal
Last week, the House of Representative passed H.R. 5461, a package bill containing several provisions to reform Dodd-Frank, including the Mortgage Choice Act (H.R. 1077), legislation first introduced by Congressman Huizenga R-Michigan to exempt title and escrow charges by affiliated title agents from the cap on points and fees relative to a qualified mortgage. H.R. 5461 also contained provisions on capital requirements for "systemically important" insurance companies, swaps rules for end users, and collateralized loan obligations. The bill passed with a bipartisan vote of 327-97, but Senate action is unlikely before the end of the year.
Reminder: CFPB Hosts Webinar: Frequently Asked Questions on TILA-RESPA Integrated Disclosures, Part 3, Wednesday, October 1, 2014 at 1:00pm
Registration for the CFPB’s next webinar on Wednesday, October 1, 2014 at 1:00pm is open.
You may register here. This is the third webinar in a series that walks through various aspects of the TILA-RESPA Integrated Disclosures and addresses questions that have been submitted to the CFPB. This webinar will focus on addressing specific questions related to rule interpretation and implementation challenges that have been raised to the CFPB by creditors, mortgage brokers, settlement agents, software developers, and other stakeholders.
Upcoming Hot Topic Webinars
Are You Afraid of (the) Commitment?
Tuesday, October 7 | 2:30 - 3:30 p.m. CDT
Presented by:
Stephen R. Streiff, Southwest Legal Division Manager, Old Republic National Title Insurance Company
Live Version |
On-Demand Version
Involuntary Liens: Types, Priority, Curative & More
Thursday, October 23 | 10:30 - 11:30 a.m. CDT
Presented by:
G. Roland Love, Winstead PC, Dallas
Live Version |
On-Demand Version