Union Bank issues closing disclosure form memo

Union Bank issued a memo this week stating that they will be using a Web-based tool called Closing Insight™ to facilitate the exchange of all documents, data and information related to loan closings.

Click on the link below to read more:
Union Bank Closing Insight Memo

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Chase Bank announces they will prepare and deliver the closing disclosure form starting August 1, 2015.

Click on the link below to view announcement:

Chase CDF Announcement

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CFPB Takes Action Against NewDay Financial for Deceptive Mortgage Advertising and Kickbacks

The CFPB took action against NewDay Financial, LLC for deceptive mortgage advertising and kickbacks. NewDay deceived consumers about a veterans’ organization’s endorsement of NewDay products and participated in a scheme to pay kickbacks for customer referrals. NewDay will pay a $2 million civil money penalty for its actions.

Click below to read more:

NewDay Financial Article

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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 http://meetings.alta.org/respa-tila/

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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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