Good News for the title and mortgage industry

Home lending set to bounce back in 2015

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Thinking about buying a home?

Check out the free Owning a Home Toolkit from the CFPB for assistance in shopping for a mortgage.

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CFPB Launches program to assist homebuyers as they shop for a mortgage

The Consumer Financial Protection Bureau (CFPB) released a report finding almost half of consumers don’t shop around for a mortgage when purchasing a home. The CFPB is launching “Owning a Home,” an online toolkit designed to asist buyers as they shop for a mortgage. Click below for more information.

CFPB Home Buying Program

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ALTA to host RESPA-TILA Intgerations Forums

The Consumer Financial Protection Bureau’s final rule for new integrated mortgage disclosures doesn’t simply combine two disclosures. It merges to federal regulations as well. The new Loan Estimate and Closing Disclosure, which go into effect Aug. 1, 2015, will require changes to internal operations and procedures, technology platforms, business strategies and processes, and partnerships with lenders and real estate agents.

To help you prepare, ALTA and the Mortgage Bankers Association are hosting five RESPA-TILA Integration Forums to provide solutions so title and settlement agents, attorneys, lenders and their technology providers can work together to meet the new requirements.

Register for a forum and network with lenders from across the country.

Here is a look at what will be discussed at each forum:

• Latest from the CFPB – Bureau representatives will review key parts of the proposed rule, highlight final changes, explain recent guidance and cover the CPFB’s implementation resources.

• Getting from Pre-application to Loan Estimate – This session will focus on the process and workflow challenges presented around pre-application, application and provision of upfront Loan Estimates. Items to be reviewed include tolerances, written list of providers and vendor management.

• The Rule’s Implications for Closing/Settlement – Experts will identify the areas where title/settlement companies, lenders and others are changing their processes to address the preparation and issuance of the Closing Disclosure, including the new three-day review period.

• Helping your Operation Complete the New Forms – This session will focus on how fees must be disclosed, including new formatting and alphabetization of fees.

• Using Technology to Collaborate and Solve Compliance Problems – This session will provide participants a list of questions to ask software providers to ensure system preparedness for compliance. It will also identify areas where business practices and training need to complement technology.

• Changing the Real Estate Transaction – This discussion will examine how practices in the real estate market will be impacted by the rule, focusing on solutions to expedite transactions and provide positive consumer experiences.

Forums will be held around the country at convenient airport-accessible locations, including:
• Los Angeles, Thursday, Jan. 29
• Miami, Tuesday, Feb. 17
• Dallas, Thursday, March 5
• Chicago, Thursday, March 26
• Washington, D.C., Thursday, April 16

To register go to

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Register now for SoftPro’s 2015 User Group Conference

Register Now for SoftPro’s 2015 User Group Conference – April 8–10, 2015 at Disney’s Contemporary Resort in Lake Buena Vista, Florida. With the new CFPB regulations going into effect August 2015, this will be the most important conference you can attend. 2015 will be a year of great change for our industry, and we want you to be ahead of the curve by attending the only conference offered exclusively to SoftPro Customers. Space is on a first-come, first-served basis. Click on the link below for more information.

SoftPro User Group

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CFPB Adjusts Mortgage Rules to Ensure Credit in Underserved Populations

The Consumer Financial Protection Bureau (CFPB) finalized minor adjustments to its mortgage rules which will help nonprofit organizations ensure access to credit and servicing for underserved populations.

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Can the Closing Disclosure Form be used prior to August 1, 2015?

That is the most frequently asked question among title and settlement agent regarding the August 1, 2015 implementation date for Integrated Mortgage Closing Disclosure Form (CDF).  Can a lender/creditor require a settlement agent to use the form prior to August 1, 2015?  The CFPB addressed this question their Compliance Guide.

Can a creditor use the new Integrated Disclosures for applications received before August 1, 2015?

No. For transactions where the application is received prior to August 1, 2015, creditors will still need to follow the current disclosure requirements under Regulations X and Z, and use the existing forms (Truth-in-Lending disclosures, GFE, HUD-1).

To view the entire Compliance Guide click below:

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CFPB Releases RESPA-TILA Disclosure Update and Timing Example

On Monday, September 8th, the CFPB released updated versions of the Small Entity Compliance Guide for the TILA-RESPA Integrated Disclosure Rule.

The CFPB also included a timeline that helps illustrate the process and timing of disclosures under the TILA-RESPA Integrated Disclosure Rule.

View the updated guides and timeline

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Is Owner’s Title Insurance Subject to Tolerance?

On August 26 the Federal Reserve held a webinar addressing some FAQ’s from the CFPB’s TILA-RESPA Integrated Disclosure Rule.  One hot topic covered was whether or not owner’s title insurance is subject to the 10% tolerance rule.  Below is a summary from the webinar:

Q: Is owner’s title insurance not required by the creditor subject to the 10% cumulative tolerance?

No. Owner’s title insurance that is not required by the creditor is not subject to the 10% cumulative tolerance.

Owner’s title insurance is not a charge that is assigned to a particular tolerance category. If owner’s title insurance is not required by the creditor and is disclosed as an optional service, it is not subject to any tolerance violations, even if paid to an affiliate of the creditor.

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Federal Reserve to host webinar on CFPB’s TILA-RESPA Integrated Disclosure Rule

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.

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