Articles Tagged with ''RESPA''

How will TRID impact the digital mortgage space?

Regulations change the face of the industry
While the industry is accustomed to regulatory changes, it is typically slow to adopt technological advances. For lenders who already offer a digital mortgage, the TRID implementation is less painful. And even more important, it's significantly better for consumers.
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TRID pushes Wells Fargo out of home equity loans

Right as nonbanks jump in
Wells Fargo stopped offering closed-end home equity loans due to the upcoming TRID rule taking effect on Oct. 3. But, right as Wells Fargo decides to exit the home equity loan business, one nonbank is excited to announce its latest venture.
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From HW Magazine

The CFPB’s appalling double standard

On TRID, discrimination and accountability: “Do as we say, not as we do”
For months the Consumer Financial Protection Bureau was adamant that despite repeated pleas that the mortgage finance industry would not be ready for the Aug. 1 effective date for the onerous TILA-RESPA Integrated Disclosure rule, that it was a hard deadline.
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Regulatory uncertainty, toxic environment drive Wells Fargo, Prospect out of MSAs

Recent RESPA interpretation cited as top concern
Two major players in the mortgage space are discontinuing marketing activities that depend on Marketing Services Agreements because of regulatory uncertainty, recent interpretations of RESPA, and a generally toxic environment because of inconsistent CFPB enforcement. And more are rumored to be dropping MSAs, too. Here's why.
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It’s official: CFPB sets TRID date for Oct. 3

Industry given the weekend to launch new systems
You can finally mark your calendars. The Consumer Financial Protection Bureau officially finalized the rule to change the effective date of the Know Before You Owe mortgage disclosure rule, also called TRID, to Oct. 3, 2015.
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CFPB moves TRID date to Oct. 1

"Administrative error" causes delay of Know Before You Owe rule
The Consumer Financial Protection Bureau announced on Wednesday a proposal to delay the effective date of the Know Before You Owe rule until Oct. 1, 2015, instead of the previous deadline of Aug. 1. The mortgage industry had extensively lobbied the CFPB through Congress to push back the original implementation date.
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