September 18, 2013
CFPB Director: Settlement Disclosure Rule Implementation Will "Take Some Time"
Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified last week before the House Financial Services Committee on the implementation of the proposed combined disclosure/settlement final rule that is expected by the end of the year. During the hearing, Rep. Randy Hultgren (R-IL) asked Cordray if it was possible to implement the rule before January 2015 due to the technical work that will be required to get everyone's systems updated. Cordray acknowledged that the implementation would "take some time" but did not provide a specific date. Cordray said when the rule is finalized, there will be "a period of time to implement this rule that is appropriate."
Rep. Hultgren also asked Cordray what efforts the Bureau is taking to minimize the cost burden on small lenders and title agents to implement the proposed machine-readable requirement. Cordray responded that the Bureau is still trying to figure out what purpose the requirement serves and whether the benefits outweigh the burdens.
As we've previously reported, TLTA opposes a machine-readable requirement that we believe would prove costly and burdensome for small businesses. You may read our comment letter to the CFPB on this issue here, and our comments on other parts of the CFPB's proposed rule here. We will continue advocating for this issue as well as a lengthy implementation period with the American Land Title Association, and we will keep you posted on any developments.
Donate to TLTAbay — We Need Your Support!
This Year's Auction Will Run Nov. 7 - Nov. 14
The TLTAbay online auction is an annual fundraiser benefiting the TLTAPAC. This year's auction will begin on Thursday, Nov. 7, and run through Thursday, Nov. 14. We need your help to secure auction items and ensure another spectacular year. Suggested donation items include: electronics, gift cards, sporting event tickets, travel vouchers, vacations, spa packages and jewelry. Don't know what to donate? You can make a monetary donation and we'll do the shopping for you! Read more about the auction and make a donation here or contact David Glenn for more information.
Cordray Tries to Ease Industry Concerns on Mortgage Rules
The Wall Street Journal | Sept. 11, 2013
New mortgage-lending rules going into effect next year are designed to avoid putting a damper on the housing market’s recovery, a top federal regulator said Wednesday. Richard Cordray, director of the Consumer Financial Protection Bureau, said in a speech to a mortgage-lending conference in Raleigh, N.C., that his agency has worked to craft the rules so they don’t exacerbate today’s tight lending standards. “Throughout the process, we heard overwhelmingly that the mortgage market in 2012 was vastly different from the mortgage market of 2006, and required even more focus on access to credit than would be true in more normal circumstances,” Mr. Cordray said.
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Top Senators Aim for Deal on Fannie, Freddie Reform by Year-end
Reuters | Sept. 12, 2013
The top Democrat and Republican on the U.S. Senate Banking Committee said on Thursday they want to reach agreement by year end on the politically thorny issue of how to overhaul mortgage giants Fannie Mae and Freddie Mac. The indication by the panel's Democratic chairman, Tim Johnson of South Dakota, and its top Republican, Michael Crapo of Idaho, that they plan to move forward on a housing finance reform bill is the latest sign of movement in an often contentious debate that has frequently divided the two parties.
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TLTA Live Webinar:
Nightmare on Entities Street: Handling Creatures of Statute That Go Bump in the Night
Thursday, Oct. 10 | 1:30 - 2:30 p.m.
Entities: What are they? Why do they exist? What do I do with them? Spend an hour with our knowledgeable presenter, Bruce Goldston, as he reviews the many types of entities. You'll come away with the basic knowledge of what they are, why we have them and how dealing with them is different from dealing with an individual. This webinar will cover the following types of entities: Schedule C requirements, vesting, bankruptcy, involuntary liens and examination issues.
Learn More & Register »