Oct. 28, 2015
Proposed TREC Changes Address TRID Issue
TREC | Oct. 2015
Last week, TREC posted their TREC advisor with notice about the proposed form changes resulting from the Broker-Lawyer Committee meeting earlier this month. Many comments regarding the proposed contract revisions were received by the Broker-Lawyer Committee and several key revisions were made based on the comments. Chief among them was removal of the proposed automatic 10-day closing extension for the new integrated disclosures in Paragraph 9. Parties can address any such delays in the same manner as any other closing delays – by negotiating an amendment to the contract. The Third Party Financing Addendum was also revised for greater clarity and to include the parties’ authorization to lenders and title companies to release the closing disclosure to the parties’ respective agents. These and several other revisions will be in the contract forms up for adoption by the Commission at the November 2, 2015 meeting.
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TLTA submitted a comment letter to the committee requesting these changes.
Click here to read the letter.
CFPB Warning: Cordray 'Disturbed by Reports' of TRID Implementation
Mortgage Daily News | Oct. 20, 2015
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 the recent 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.)
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First TRID-Based Loans Underway
HousingWire | Oct. 22, 2015
The first handful of loans in the Consumer Financial Protection Bureau’s new world of the Truth In Lending/Real Estate Settlement Protection Act Integrated Disclosures rule are underway. The lead up to the new TRID rule consumed the industry as it anxiously waited for Oct. 3rd.
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Last Call for TLTAbay! Donation Deadline is Friday, Oct. 23rd
TLTAbay is only one week away, so this is your last call to get in donations for the auction! You can download the donation form here, or look at the items for sale here. Check back often for last-minute items, and make sure you register early so you won't be slowed down by signing up once the auction opens.
Don't have anything to donate? Send TLTA a corporate monetary donation, and we'll do the shopping for you. But hurry: Friday, October 23rd is the donation deadline!
TLTA's Education Department has not one, not two, but five webinars coming up! Click the links below for more information:
Closing Table Hot Topics – Tales From the Dark Side (Tuesday, Nov. 17th)
Funds, Fraud & Forgery: Fearsome Facts From the Front (Wednesday, Nov. 18th)
Money Pit 2015 (Friday, Dec. 11th)
Insured Closing Letters A-Z (Thursday, Dec. 17th)
Avoiding TDI Audit Violations – Compliance After October 3rd (Wednesday, Jan. 13th)
Check our Webinars calendar regularly for new webinars – we're adding more great offerings all the time!