Nov. 2, 2016


CFPB Promotes "Flexibility" for Third-Party Service Provider Oversight and Lender Vetters

American Land Title Association | Nov. 1, 2016
Responding to a letter ALTA sent in May, the CFPB published a bulletin in the Federal Register explaining that a lender’s risk management program for service providers may be scalable depending upon several factors.

The bureau said it issued the amendment to clarify that lenders have flexibility in deciding the appropriate course of action for managing risk.

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TDI Quarterly Audit Results Published

Texas Department of Insurance | Oct. 31, 2016
The following is a summary of recent TDI audits, violations and enforcement actions from June 2016 through August 2016. Read TDI's complete summary of operations for the quarter or read the key statistics below.
 
Compliance Audits: TDI's goal is to comprehensively audit agencies at least once every two years. That means this quarter (within the last three months), TDI conducted 72 audits. 
 
Commissioner Orders and Active Cases: From June 2016 through August 2016, Commissioner David Mattax signed two orders resulting in fines or the revocation of escrow officer licenses. As of this report, 59 cases remain active and under investigation.
 
Compliance Audit Results: Below are TDI’s most common audit findings from June 2016 through August 2016. The numbers below represent how many agencies had an infraction, not the number of times the infraction occurred.
 
Number of Agencies
Category
Description
44
Texas Insurance Code
Section 2702.053 (formerly Art. 9.53) – Actual receipts and/or disbursements not in agreement with settlement statement or premium split not disclosed.
35
Minimum Escrow Accounting Procedures & Internal Controls
#16 – Every disbursement not supported by invoice or sufficient other evidence.
34
Escrow Accounting
Outstanding checks not cleared timely.
31
Procedural Rules
P-21: Schedule D of commitment not in file or premium split not disclosed on commitment.
25
Procedural Rules
P-22: No T-00's in files or T-00's incorrect or incomplete.
25
Procedural Rules
P-73: Failure to Prepare/Maintain Form T-64 (TD) when CD used.

Survey: Title Agent Closing Cost Expense Increases $210 Per Loan

American Land Title Association | Oct. 25, 2016
Title agents report that their cost to close a loan increased an average of $210 per transaction in the third quarter, according to First American’s Real Estate Sentiment Index (RESI). The RESI is based on a quarterly survey of independent title agents and measures their sentiment on a variety of key market metrics and industry issues.
 
Title agents noted the increase is not necessarily due to TRID, but is the result of varied approaches to rule implementation taken by lenders.

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CFPB Head Cordray: Here Are the Next Three Priority Areas for Enforcement Actions 

HousingWire | Oct. 25, 2016
In a recent speech to the Mortgage Bankers Association, CFPB director Richard Cordray highlighted the bureau's work in helping the housing economy to recover, while emphasizing to the industry more regulation and oversight remain to come.

Cordray's three priority areas for enforcement and supervision in the next year are consumer complaints, redlining and RESPA violations.

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Registration Now Open for Day at the Capitol!

Register and book your hotel room for the 2017 Day at the Capitol: Feb. 13 - 14!

With the threat of deregulation we are under, showing strength in numbers and having our voices heard at the Capitol is critical. Make sure your representatives understand our system and how crucial it is, and make a difference in the future of your business and your industry by being part of this important event.

Get ready to come to Austin to advocate for your industry. We plan to pack the halls of the Capitol with title professionals!

Register »
Book Your Hotel Room »
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TLTA is lining up even more great webinars for the rest of 2016. Register for these today, or watch them as On-Demand Webinars!

  • Not Too Late: Ethics: Things You Shouldn't Do (Thursday, Nov. 3)
  • Escrow Procedures (Thursday, Nov. 10)
  • Due Dates, Do Dates and Checking It Out (Tuesday, Dec. 13)