Dec. 17, 2015
Dateline Austin Will Be Off for the Holidays
Due to holiday schedules, Dateline Austin will not be published next week. We will publish the next issue on Tuesday, December 29th.
We hope all of you have a wonderful, restful and safe holiday season!
New TREC Forms Addressing TRID Go Into Effect January 1st
Texas Land Title Association | Dec. 17, 2015
As previously reported in Dateline Austin on October 28th and November 11th, the Texas Real Estate Commission (TREC) approved changes to existing TREC forms and adopted new forms that go into effect on January 1st, 2016. The changes apply to all contract forms unless specified otherwise.
Click here to read TLTA's summary of the changes.
Click here to read all the changes to the TREC forms.
Reports Indicate 90 Percent of Mortgage Applications May Have TRID Errors
HousingWire and The M Report | Dec. 10, 2015
According to both HousingWire and The M Report, Moody's Investor Service recently reviewed several new mortgage applications – and discovered that 90 percent of them had TRID-related errors.
It's Not Just MSAs: Barclay's Warns CFPB Is Looking at all Referrals
HousingWire | Dec. 15, 2015
The Consumer Financial Protection Bureau, which has sharpened its enforcement of marketing services agreements this year, may be expanding its definition of a kickback to include any type of referral, according to a report from Barclays.
"The CFPB seems to be taking the stance that referrals of any type are not a 'bona fide service' and that the exchange of anything of value tied to referred business could be considered a kickback," Barclays states in its U.S. Building Products & Homebuilding report.
Read More »
CFPB Pushes Back in PHH Lawsuit Over Marketing Agreements
National Mortgage News | Nov. 9, 2015
The Consumer Financial Protection Bureau is pushing back against a lawsuit from PHH Corp. that claims the agency erred in overturning an administrative law judge's recommendation to limit the amount of penalties it could face.
After PHH filed suit in the U.S. Court of Appeals for the District of Columbia Circuit, the CFPB fired back, saying a disgorgement that low would not effectively penalize the lender. It is seeking to force the company to disgorge $109 million, the total amount of money the agency claims lenders received from the kickback scheme.
Read More »
Requirements for Delivery of the Closing Disclosure
American Land Title Association | Dec. 9, 2015
For loans that require a Loan Estimate, which include most closed-end mortgage loans secured by real property and that proceed to closing, creditors must provide a new Closing Disclosure reflecting the actual terms of the transaction.
The creditor is required to provide the consumer Closing Disclosure at least three business days before consummation. The CFPB says that “business day” for purposes of the Closing Disclosure is the rescission-based business day definition, and means all calendar days except Sundays and legal public holidays.
Read More »
Community Lender Confidential: Why TRID Is Far Worse Than Anyone Thought
HousingWire | Dec. 14, 2015
The dust that surrounded the tectonic shift that was the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule in October is just now beginning to settle.
Opinions on the impact of TRID vary wildly depending on who you ask, giving insight into a disconnect that exists between the housing industry and the regulatory body that oversees it.
Read More »
Expected Fed Hike Boosts Mortgage Applications
CNBC | Dec. 9, 2015
Borrowers expecting the Fed to raise interest rates rushed to apply for mortgages earlier this month.
A strong monthly employment report Friday also helped the rise in mortgage applications, which jumped 1.2 percent on a seasonally adjusted basis last week from the previous week, according to the Mortgage Bankers Association.
Read More »
Check one thing off your to-do list for 2016! Register for one of our January webinars:
- Is Your Reputation At Risk? Managing Consumer Complaints(Thursday, Jan. 7th)
- Closing Table Hot Topics: Tales from the Dark Side (Tuesday, Jan. 12th)
- Avoiding TDI Audit Violations – Compliance After October 3rd (Wednesday, Jan. 13th)
Bookmark our Webinars calendar – we're adding more great topics all the time!