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.
By a vote of by a 306-91, the House passed the Homeowner FLood Insurance Adffordabilty Act of 2014 on Tuesday.
The bill would prevent the Federal Emergency Management Agency (FEMA) from increasing premium rates when a property is sold or a new flood map is developed, and refunds some of the recent rate increases homeowners have paid. It limits premium increases to 18% annually. To pay for these fixes, the bill requires policyholders to pay a $25 surcharge on residential policies and a $250 surcharge on premiums for non-residential properties and non-primary residences on policies. The Senate must now pass the amended version before the bill can become law.
This year’s conference is April 2nd – 4th at the Sanibel Harbour Marriott Resort & Spa in Fort Myers, Florida. Join us for two days of hands-on SoftPro training, gain insight into CFPB’s Final Rule, Industry Best Practices and more. This is a conference you won’t want to miss! Visit http://www.softprocorp.com/spug for more information and to register for this exciting conference!