The Federal Reserve will host a webinar to address frequently asked questions about the CFPB’s TILA-RESPA Integrated Disclosure rule. The webinar will take place on Tuesday, August 26 at 2 p.m. EST and address the new rule as the various industry stakeholders work to implement it over the next year. To learn more and sign up here.
Is your organization ready for the implementation of the new disclosures required by the Consumer Financial Protection Bureau? Looking for some training tools for your employees? If you are a Softpro customer check out the MySoftPro section at http://www.softprocorp.com for free training videos on the CFPB and the Final Rule.
On June 9, the U.S. House of Representatives unanimously passed H.R. 3211, the Mortgage Choice Act of 2013. The bill, sponsored by Rep. Bill Huizenga, R-Michigan, specifically exempts fees paid to businesses affiliated with the lender, such as title companies, from the computation of points and fees under the QM cap.
Posted in CFPB, HR 3211, Mortage, Mortgage Choice Act
Tagged Ability to Repay, CFPB, Consumer Financial Protection Bureau, House, HR 3211, Mortgage Choice Act, QM, Qualified Mortgage, Rulemaking, SoftPro
On April 23rd, the CFPB announced that they were looking for participants for their upcoming e-closing pilot program which is slated to begin in October of 2014. After reaching out to consumers, realtors, loan officers, attorneys, and others involved at closing to better understand what goes on at the closing table the CFPB identified four major pain points throughout the closing process. Based the feedback they received they are going to run their pilot program to see if an e-closing process may alleviate some of the issues the industry is faced with. Below are the four major pain points that were identified:
Not enough time to review documents
Overwhelming stack of paperwork
Documents hard to understand
Errors in documents
For more information on the e-closing pilot program guidelines click on the link below:
The CFPB released their latest small entity guide covering the disclosure forms. The guide can be found at http://files.consumerfinance.gov/f/201404_cfpb_tila-respa-integrated-disclosure-form.pdf. It primarily focuses on a line by line walk through of the new forms.