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.

http://www.consumerfinance.gov/newsroom/cfpb-finalizes-minor-changes-to-mortgage-rules-to-ensure-access-to-credit/

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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:
http://www.consumerfinance.gov/f/201409_cfpb_tila-respa-integrated-disclosure-rule_compliance-guide.pdf

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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

consumerfinance.gov/regulatory-implementation/tila-respa/

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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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August 1, 2015 is less that 1 Year away…

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 www.softprocorp.com for free training videos on the CFPB and the Final Rule.

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House passes HR 3211 the “Mortgage Choice Act”

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.

http://www.mortgagenewsdaily.com/06102014_qualified_mortgage.asp

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Fannie Mae working to make short sale process easier.

http://www.nationalmortgagenews.com/news/technology/fannie-enhances-short-sales-website-1041877-1.html

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CFPB to launch e-closing Pilot Program

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:

  1. Not enough time to review documents
  2. Overwhelming stack of paperwork
  3. Documents hard to understand
  4. Errors in documents

For more information on  the e-closing pilot program guidelines click on the link below:

http://files.consumerfinance.gov/f/201404_cfpb_guidelines_eclosing-pilot.pdf

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Latest small entity guide released by CFPB focuses on new forms.

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.

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