Notification: RealEC Closing Insight Registration Issue
Issue: Delayed order processing with Incorrect Party ID Assignment AND ‘new’ invitation(s) being sent
Cause: Selection of “Incorrect” firm via drop-down list
Workaround: Do NOT accept new invitations from RealEC / Lenders IF you have previously registered. Contact lender and advise to
1. Cancel the order 2. Resend the order to your existing party ID
Details: Many customers are receiving emails from lenders and/or RealEC requesting registration. Lenders are accidentally bypassing the ‘provider selection’ drop-down list and firms are receiving a ‘new’ invitation when they are already registered. If you have already registered, do not accept a new registration. These new registrations will have not have a party ID configured for your firm and it will delay order processing.
Follow-up: If you have any questions or need clarification, please contact your SoftPro Administrator or the SoftPro Help Desk.
Congratulations to Priority Title & Escrow, a SoftPro Select customer, on successfully closing the FIRST post-TRID loan! Mike Steier, Vice President of Priority Title & Escrow said, “The SoftPro upgrade process, training materials, support, and the SoftPro software itself made the new transaction EASY! Everything was fantastic and smooth, we had no issues, thanks to SoftPro!” This is an extremely exciting accomplishment, and we are so glad SoftPro was able to aid Priority Title & Escrow in the success of the transaction!
To learn more about SoftPro’s award-winning software and support, visit www.softprocorp.com
Looks like FHA will join the CFPB, Fannie Mae and Freddie Mac in allowing a grace period for enforcement for the TRID Rule which went into effect on October 3, 2015. Read more below:
FHA to extend grace period
The Texas Disclosure (T-64) is an addendum to the new federal Closing Disclosure form. On October 3, 2015, the Texas Department of Insurance (TDI) will require settlement agents to use the Texas Disclosure in addition to the Closing Disclosure Form.
Why another form?
TDI states in the Commissioner’s Order 4038:
Some of the changes in the Closing Disclosure conflict with Texas closing requirements and practices. When the CFPB integrated the HUD-1 and the final Truth-in-Lending disclosure to create the new Closing Disclosure, it removed or combined items that were listed individually on the HUD-1. For example, the current HUD-1 includes a section to disclose portions of the real estate commission paid to third parties, but the Closing Disclosure does not. The Texas Disclosure will require agents to list portions of the premium or real estate commission paid to third parties. The Texas Disclosure requires settlement agents to separately itemize other fees and charges paid to the real estate agent that may have been aggregated on the Closing Disclosure. The Texas Disclosure also adds a signature line, authorizing the settlement agent to disburse the funds.
In addition, the Texas Disclosure is necessary to show the actual price for title insurance in a simultaneous-issue transaction in Texas. In approximately half the states, including Texas, title companies offer a discount on the loan policy when both a loan policy and an owner’s policy are purchased in a single transaction. However, the instructions for the Closing Disclosure require the agent to list the loan policy at the full, undiscounted premium and to show the simultaneous-issue discount as if it applied to the owner’s policy instead. In Texas and other states, this requirement will cause the owner’s and loan policy premiums on the Closing Disclosure to differ from the actual amounts charged for each policy. This scenario becomes even more confusing for consumers in Texas, as well as in 30 other states, where the seller pays, or is likely to pay, for the owner’s policy. Because the Closing Disclosure requires the agent to apply the simultaneous-issue discount to the owner’s policy rather than the loan policy, the form will inaccurately state the seller’s contribution to the title insurance costs. Further, by showing the higher-priced full loan policy amount rather than the discounted loan policy amount, the borrower’s cash-to-close number in the Closing Disclosure is rendered inaccurate and overstated.
For additional information on the T-64 click below:
Texas Disclosure T-64
The House Financial Services Committee annual report from Richard Cordray, director of the Consumer Financial Protection Bureau, on Tuesday morning.
When Director Cordray was asked about whether the CFPB will implement a grace period for lenders dealing with the new requirements of the TRID rule, Cordray responded by saying the CFPB will have an informal grace period “for some period of months, I’m not going to be specific here … will be diagnostic not punitive.”
To read Director Cordray’s entire testimony click below:
Financial Services Committee Testimony