Jan 6, 2016
CFPB Further Clarifies TRID Rules, Including Third Party Liability
Mortgage Orb | Jan. 4, 2016In response to concerns raised by the Mortgage Bankers Association (MBA) that the new TILA-RESPA Integrated Disclosure (TRID) rules are resulting in a high number of loan defects – which, in turn, are causing loans to be rejected by investors – the Consumer Financial Protection Bureau (CFPB) has clarified that, in most cases, the defects can be readily "cured" and that the bureau will be taking a soft stance on enforcement for the first few months following implementation.
Click here to read Mortgage Orb's January 4th story on this issue.
Dateline Austin will be reporting on this story as we receive new information. For additional reading:
Click here to read the CFPB's response to the MBA's letter.
Click here to read the MBA's letter from December 21st, to which the CFPB responded.
Click here to read the MBA's letter from July 7th.
Click here to read the MBA's CFPB Enforcement Concerns page.
Basic Manual Changes Went Into Effect January 1 – Order Updated Version Now
On January 1st, TLTA published a revised Section I to the Basic Manual that includes important recent statutory changes regarding escrow officer licensing. All current subscribers should have received an email containing the changes and instructions on how to download the updated section.
TLTA expects to see additional changes to the Basic Manual in 2016, so if you are not already a subscriber, sign up now to ensure that you stay updated and compliant. You can subscribe to the print version, the online version or a combination package that includes both.
Click here to subscribe today!
TRID Myth Busters: What You Need to Know When Sharing Closing Documents
American Land Title Association | Dec. 17, 2015
The implementation of the CFPB’s Know Before You Owe regulation has brought up a number of questions regarding who is permitted to receive copies of closing documents, including the Closing Disclosure and alternate settlement statements, such as the ALTA Settlement Statements. It is important to note that the Know Before You Owe regulation did not implement any changes on data privacy; however, ALTA encourages title insurance and settlement companies to take this opportunity to review your company’s privacy policies to ensure they match your data-sharing practices.
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Dodd-Frank Regs Weighing on Community Banks, Credit Unions
The Hill | Dec. 30, 2015
Regulations under the Dodd-Frank Wall Street reform law are creating more compliance burdens for community banks, credit unions and industry associations, according to a new report from the Government Accountability Office (GAO).
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10 Things That Will Keep Originators on Their Toes in 2016
National Mortgage News | Jan. 4, 2016
Mortgage lenders on both the residential and commercial sides of the business will have to deal with a different lending environment in 2016. These include enforcement of TILA-RESPA Integrated Disclosure violations plus rising interest rates and the impact on origination volumes. Here are 10 observations that originators need to mull over while crafting their business plans for the coming year.
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It's not too late to register for tomorrow's webinar:
Is Your Reputation At Risk? Managing Consumer Complaints
(Thursday, Jan. 7th)
And don't miss the other important webinars coming up this month:
Closing Table Hot Topics – Tales from the Dark Side (Tuesday, Jan. 12th)
Avoiding TDI Audit Violations – Compliance After October 3rd (Wednesday, Jan. 13th)
Check our Webinars calendar regularly to see what new topics we've added!