As you may know, the Consumer Financial Protection Bureau (CFPB) recently finalized updates to its “Know Before You Owe” mortgage disclosure rule on July 7. For a full summary of the final amendments from the CFPB, click here.
While the amendments are not intended to address major policy decisions to the original rule, there are changes that could affect SoftPro users. Some upcoming SoftPro software enhancements, related to the CFPB amendments, include:
- Providing an option to have a consumer (any person who has interest in the security interest, but may not be a borrower) sign the Closing Disclosure Form (CDF)
- Ensuring all versions of the CDF print $0.00 on line F.03 when interim interest is not collected at closing
- Updating the amounts shown in the Calculating Cash to Close table on Page 3 to move the Existing Liens amount into the Down Payment/Funds from Borrower or Funds for Borrower calculation instead of the Adjustments and Other Credits calculation
- Allowing Mortgage Insurance, which is being escrowed, to be included in the Escrow Account section on Page 4.
The final rule will become effective 60 days from the date it is published in the Federal Registry, and compliance will be mandatory on October 1, 2018. More information on when the final rule is published to the Federal Registry and enhancements to SoftPro products will be available soon.