Items Tagged with 'TILA-RESPA Integrated Disclosure'

ARTICLES

Mortgage defects fall for first time in a year as TRID issues subside

New ARMCO report shows regulatory/compliance defects falling in Q2

Earlier this year, a report from ACES Risk Management shows the rate of serious mortgage defects on the uptick from the moment TRID started. Now, a new report from ARMCO shows that as the mortgage industry becomes more accustomed to operating in the post-TRID world, serious mortgage defects are actually declining.


Read More

What's next now that Republicans control the Presidency and Congress?

Are Dodd-Frank and the CFPB on the chopping block?
While much of the country’s attention is focused on the seemingly unexpected election of Donald Trump, it shouldn’t be lost that the Republican Party also maintained its control of the House of Representatives and the Senate in this election. Now one party will control the legislative and executive branches of the government for at least the next two years. So what does that mean for the financial services industry, given the seismic changes the industry has seen in the last eight years?
Read More

The new normal: Time to close settles at 46 days

Ellie Mae report suggests TRID issues are calming down
After rising, falling, and rising again in the wake of the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure rule, the time to close a mortgage loan appears to finally be settling into a new normal – about a month and a half.
Read More

Here's how to ensure TRID-compliant property tax estimates

It's time to align with CFPB best practices in a post-TRID world
Post-TRID, we're in a completely different world when it comes to providing timely and – more importantly – accurate information to borrowers. While the mortgage industry may have been able to proceed for decades without a unified standard for property tax disclosures, that’s just not sufficient any longer.
Read More

Mortgage defects are skyrocketing. The cause? TRID

New ARMCO report shows critical defect rate rising since TRID implementation
As the mortgage industry approaches the one-year anniversary of the October 2015 implementation of the Consumer Financial Protection Bureau’s new TILA-RESPA Integrated Disclosure rule, there is little doubt that the impact is still being felt. In fact, a new report provides some potentially alarming insight into the impact of TRID on lenders.
Read More

Time to worry? Time to close a loan ticking back up

Or is this the new normal?
In the months immediately after the implementation of the Consumer Financial Protection Bureau's TILA-RESPA Integrated Disclosures rule, the time to close a mortgage loan rose as the industry worked through the new and complex process surrounding the dissemination of loan information to borrowers. Since then, closing times fell, but now they're on the way back up, which begs the question: Is this the start of a trend? Or is this just the new normal?
Read More

National Association of Realtors pushes CFPB for TRID changes

Proposes three changes to 'Know Before You Owe' rules
The Consumer Financial Protection Bureau notified the housing industry earlier this year that it planned to make some changes to the much-discussed TRID rule. In a new letter sent to the CFPB, the National Association of Realtors identifies three issues its members have seen with TRID and suggests fixes to those issues that could be included in the coming rule adjustments.
Read More

TRID works: More homebuyers actually review mortgage documents

ALTA survey shows new CFPB forms more likely to draw consumer attention
Despite the long lead time that the CFPB gave the industry to prepare for TRID, which is also known as "Know Before You Owe," there were still hiccups and headaches for the industry, but it appears after all the frustration and consternation, TRID is working as designed for consumers.
Read More

Is TRID hysteria over? Time to close drops to 12-month low

Looks like lenders finally figured this thing out
Well, more than six months have passed since the implementation of the Consumer Financial Protection Bureau’s TRID rule. And it appears that, despite the initial hiccups and headaches, lenders finally have a handle on this whole TRID thing.
Read More