Tag Archives: Final Rule

Interest rates are down but so is available credit

While we are seeing all time low interest rates, we aren’t seeing the expected increase in loan volume. The tighter rules and regulations tied around obtaining a loan is making it more difficult for a consumer to take advantage of … Continue reading

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CFPB expected to address secondary market issues

With investors worried about the consequence of errors on the CDF it is expected that the CFPB will address the secondary market concerns in their clarifications expected this July. To read more click below. http://www.nationalmortgagenews.com/news/compliance-regulation/cfpb-clarity-on-investors-trid-liability-could-thaw-secondary-market-1079681-1.html

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CFPB publishes annotated versions of the LE and CDF

The CFPB has published annotated versions of the Loan Estimate (LE) and Closing Disclosure (CD).  The have noted the sections of chapter 2 (Part B) of TILA that the CFPB says were “referenced in the Integrated Mortgage Disclosure final rule.”  … Continue reading

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CFPB April 12th webinar recording now available

On Tuesday, April 12 at 2 p.m. EDT, the Federal Reserve hosted a webinar on the Know Before You Owe mortgage disclosure rule.  A link to a recording of this webinar is now available on the Bureau’s website. You can … Continue reading

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CFPB Planning amendments to TRID

Seven months after the implementation of the CFPB’s TILA-RESPA Integrated Disclosure (TRID) rule, the bureau announced a notice of proposed rulemaking expected to be released by late July. The new rulemaking, would incorporate some of the bureau’s existing informal guidance from their … Continue reading

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TRID Tip of the week

Did you know that some of the issues we are seeing on the secondary market can be fixed at closing? Investors are rejecting loans if the word “Title – ” doesn’t precede all title fees on the closing disclosure form.  (i.e. “Title … Continue reading

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Common TRID errors sent to the CFPB

In a recent letter to the CFPB’s Director Cordray, the Association of Mortgage Investors shed some light on some of the common mistakes that have come about from TRID.    The letter addressed industry concerns over mistakes being made, albeit minor mistakes, … Continue reading

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Status of the Homebuyers Assistance Act

The TRID grace period bill has yet to go though.  Read more on the status: TRID Grace Period in Limbo    

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CFPB’s complaint department is very busy these days…

According to the 7th volume of the CFPB Monthly complaint report for December 2015 released on Thursday, the bureau has received 790,000 complaints since opening it’s doors in 2011.  Of the 790,000 complaints 209,618 of them were specific to mortgages. Click on the link … Continue reading

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CFPB Issues Fact Sheet on Construction Loan Disclosures

Earlier this week, the CFPB issued a “fact sheet” regarding construction loans under TRID.  You can find it here: http://files.consumerfinance.gov/f/201601_cfpb_know-before-you-owe-mortgage-disclosures-and-construction-loans.pdf     This fact sheet does not provide any new information regarding completion of the TRID disclosures for construction loans rather … Continue reading

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