The impact of the coronavirus (COVID-19) on real estate and mortgage closings is rapidly evolving. Several new policies and procedures have been established by title insurance underwriters related to the impact over the past...more
The CFPB recently updated the TILA/RESPA Integrated Disclosure (TRID) rule FAQs to address construction loans. The guidance falls well short of what the industry is seeking from the CFPB....more
6/3/2019
/ Closing Documents ,
Construction Industry ,
Construction Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Guidance Update ,
Real Estate Development ,
Real Estate Market ,
TILA-RESPA Integrated Disclosure Rule (TRID)
The CFPB recently issued a factsheet addressing whether a Loan Estimate and Closing Disclosure are required in connection with the assumption of a residential mortgage loan....more
The CFPB recently issued revised TILA/RESPA Integrated Disclosure (TRID) rule guides to reflect the adoption of an amendment to the rule to fix the so-called “black hole” issue. ...more
The CFPB, which is now referring to itself as the “Bureau of Consumer Financial Protection,” published the long-awaited final rule to address the so-called “black hole” issue under the TILA/RESPA Integrated Disclosure (TRID)...more
The Consumer Financial Protection Bureau (CFPB) published the long-awaited final rule to address the so-called "black hole" issue under the TILA/RESPA Integrated Disclosure (TRID) rule. ...more
The CFPB recently released a revised version of the TILA-RESPA Integrated Disclosure Rule Small Entity Compliance Guide.
The revised version incorporates the recent amendments to the rule that became effective on October...more
10/12/2017
/ Banking Sector ,
Closing Documents ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Disclosure Requirements ,
Escrow Instructions ,
Financial Institutions ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Regulation Z ,
TILA-RESPA Integrated Disclosure Rule (TRID)
As we reported previously, on July 7, 2017 the Consumer Financial Protection Bureau (CFPB) posted on its website long awaited amendments to the TILA/RESPA Integrated Disclosure (TRID) rule, and a proposal to address the...more
As we reported previously, the Consumer Financial Protection Bureau (CFPB) recently issued long-awaited amendments to the Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID)...more
The CFPB finalized the long-awaited initial round of amendments to the TILA/RESPA Integrated Disclosure (TRID) rule, also known as the Know Before Your Owe rule. However, instead of addressing the so-called “black hole”...more
The CFPB recently issued final amendments to the TILA/RESPA Integrated Disclosure (TRID) rule and a proposal to further amend the TRID rule. The CFPB has also issued an Executive Summary of the amendments....more
As previously reported, the Consumer Financial Protection Bureau (CFPB) proposed substantive and technical revisions to the TILA/RESPA Integrated Disclosure (TRID) rule, which the CFPB refers to as the "Know Before You Owe"...more
8/4/2016
/ Banking Sector ,
Closing Documents ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Disclosure Requirements ,
Gramm-Leach-Blilely Act ,
Mortgage Lenders ,
Mortgages ,
Property Insurance ,
Property Tax ,
Regulation Z ,
Residential Real Estate Market ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Title Insurance
In emails sent to CFPB email subscription holders, the CFPB announced the publication of new annotated versions of the Loan Estimate and Closing Disclosure that include citations to sections in Chapter 2 of the Truth in...more
In remarks yesterday at the Mortgage Bankers Association’s annual convention, CFPB Director Richard Cordray stated that the CFPB may need to look more closely at vendors of software and other tools used by lenders to comply...more
10/21/2015
/ Banking Sector ,
Banks ,
Closing Documents ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Disclosure Requirements ,
Financial Institutions ,
Financial Regulatory Reform ,
Homeowners ,
Mortgage Bankers Association ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Residential Real Estate Market ,
Software ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Vendors
The CFPB issued a report on its study of the CFPB’s mortgage loan eClosing project on August 5, 2015, and held a public forum addressing the study results. As we reported, the CFPB launched the eClosing project to determine...more
8/7/2015
/ Banking Sector ,
Banks ,
Closing Documents ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Filing Requirements ,
Financial Institutions ,
Lenders ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
TILA-RESPA Integrated Disclosure Rule (TRID)
On August 5, 2015, the CFPB issued a report on its study of the CFPB’s mortgage loan eClosing project and held a public forum addressing the study results. As we reported, the CFPB launched the eClosing project to determine...more
8/7/2015
/ Banking Sector ,
Banks ,
Borrowers ,
Closing Documents ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Disclosure Requirements ,
Electronic Filing ,
Financial Institutions ,
Mortgage Lenders ,
Mortgages ,
Real Estate Market ,
Real Estate Transactions ,
TILA-RESPA Integrated Disclosure Rule (TRID)
Statements made by CFPB Director Richard Cordray to the National Association of Realtors on May 12, 2015, suggest that the Director may not fully appreciate the implications of the TILA/RESPA Integrated Disclosure (TRID) rule...more
According to the notice, because the CFPB wants “to encourage the development of a more streamlined, efficient, and educational closing process as the mortgage industry increases its usage of technology, electronic...more