November 27, 2013
Happy Thanksgiving from TLTA!
CFPB Finalizes "Know Before You Owe" Campaign
HousingWire | Nov. 20, 2013
Lenders will be required to start utilizing the Consumer Financial Protection Bureau’s finalized "Know Before You Owe" loan disclosure documents in an effort to more efficiently lay out mortgage terms for homebuyers, the bureau announced this week. In the past, the law required lenders to deliver two different disclosures to borrowers within three business days of receiving their applications. However, new guidance from the CFPB now limits how much a final mortgage deal can vary from from the original loan estimate.
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Title Industry Secures Key Changes
Although TLTA is continuing to study the rule, initial reports indicate that most of the changes TLTA and the industry worked hard to secure were indeed made, so we are pleased that our advocacy efforts were successful in that regard. Those changes include:
• Title fees will not be included in the APR
• Shared responsibility between lender and settlement agent for filling out the form is allowed
• Expanded exceptions within the "3-day-rule"
• No machine-readable forms storage and usage requirements
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Report: Big Shift in US Housing Market in 2014
World Property Channel | Nov. 20, 2013
Next year will mark the end of the refinance boom and the start of a market dominated by purchase money lending, the first purchase-dominated market in 14 years, according to Freddie Mac. "For the first time since 2000, we're going to see the mortgage market dominated by purchase activity as the refinance share drops below 50 percent," Frank Nothaft, Freddie Mac vice president and chief economist, said in the report. "And with mortgage rates rising, we're also going to see the home-sales gains as well as the impressive house price growth begin to moderate to more sustainable levels."
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Upcoming TLTA Hot Topic Webinars — Register Today!
New and Revised Procedural Rules, Rates and Forms
Tuesday, Dec. 3 | 10:30 - 11:30 a.m.
Closers, assistants, forms managers: this webinar is for you! Review all the housekeeping changes to procedural rules, rate rules and many forms, including two new insuring forms that will go into effect after the next rate hearing and a change to Minimum Escrow Accounting Procedures to address mobile notaries.
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New Agent Solvency Requirements
Wednesday, Dec. 11 | 10:30 - 11:30 a.m.
Are you an owner or manager? Do you assist agents who are new to our industry? If so, this indepth look at the new mandatory solvency requirements is a must for you. This webinar will help you sort out the various plans, learn about reporting requirements and understand the new forms to implement it all.
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Agent Licensing Changes & New CE Requirements
Tuesday, Dec. 17 | 10:30 - 11:30 a.m.
Agency owners and managers, as well as underwriter agency representatives and managers, should definitely find the time for this webinar. There are several changes in how existing agents will be licensed the future, as well as new training requirements to be met for new agent licensing.
Learn More & Register »