July 3, 2013
CFPB Director Acknowledges Concerns with 3-Day Rule
American Land Title Association | July 2, 2013
A letter from the director of the Consumer Financial Protection Bureau (CFPB) to members of Congress acknowledges the Bureau is concerned about issues regarding its proposed rule integrating mortgage disclosures required under the Real Estate Settlement Procedures Act and the Truth In Lending Act. Richard Cordray, the CFPB’s director, was responding to recent letters written by Reps. Steve Stivers and Ed Perlmutter and co-signed by 82 members of Congress, who stated concerns with a provision in the proposal that would require that consumers receive the Closing Disclosure at least three days before closing on the loan. Read More »
TDI Has Issued Separate Calls for Agent and Underwriter Statistical Data
Agent Deadline Aug. 2, Underwriter Deadline Aug. 16
The Texas Department of Insurance (TDI) has issued its call for Agent and Underwriter Statistical Data. The form acknowledging that you have received the agent data call, along with the listing of your branch offices, was required to be submitted to the Department by fax or email last Monday, June 24. You can also download that form here. The completed agent report must be postmarked or submitted electronically by Aug. 2. The separate completed underwriter report must be postmarked or submitted electronically by Aug. 16. If you have any questions, please contact Betty Flores at TDI at 512.322.5029.
TLTA will hold a webinar for those who are new to filing out the Agent Statistical Report on Wednesday, July 17, at 10 a.m. Learn more and register here.
Senator Asks GAO to Study Consumer Bureau Data Collection
Bloomberg | July 2, 2013
The U.S. Senate Banking Committee's top Republican is asking the investigative arm of Congress to determine whether the Consumer Financial Protection Bureau is acting within its powers in a sweeping data collection effort. Senator Mike Crapo, an Idaho Republican, made the request to the Government Accountability Office in a letter dated today in which he called for a study of the purpose, scope and use of the data sought by the bureau. He also asked the GAO to look at the legal authority for collecting the information, the security of the data and the cost of collecting the material. Read More »
Citi to Pay Fannie $968 Million to Settle Mortgage Claims
Reuters | July 1, 2013
Citigroup Inc agreed to pay $968 million to settle claims that it left U.S.-owned mortgage guarantor Fannie Mae on the hook for home loans the agency would not have knowingly guaranteed. The settlement is the latest between a major bank and Fannie Mae, which like its smaller rival Freddie Mac, is trying to recover money that it lost after the housing bust. Fannie Mae agreed to an $11.6 billion agreement with Bank of America in January. Read More »
Updates Expected Soon to the Basic Manual
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