Articles Tagged with ''RESPA''

5 key points about the pending TRID upheaval

FBR looks into its crystal ball
In an email to clients this morning, the team of financial services and real estate analysts at FBR drew 5 key points about what many in the mortgage lending industry expect to be a total upheaval of their operations. But are mortgage lenders right to be so worried?
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CFPB Director Cordray corrects “serious misunderstanding” about TRID

Plus, 3 circumstances that would allow for closing delays
The Aug. 1, 2015 implementation date for the TILA-RESPA Integrated Disclosure still stands, as of now. In a speech Tuesday, the director of the CFPB cleared some of the air on TRID misunderstandings, but looking at the fine print, talk of delaying TRID is not off the table. Still, some in Congress disagree, and are trying to do something about it.
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5 things mortgage lenders need to do before TILA RESPA goes into effect

Compliance is important
As you count down these final days until the regulations take effect, you’re most likely preparing for managing the most significant revisions you’ve ever had to make to your businesses processes. Here are five key things to remember as you approach the deadline – and they aren’t just about making sure you will be in compliance.
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From HW Magazine

Avoiding RESPA kickback violations in the social media age

Beware of penalties from referring business
The CFPB is currently paying close attention to the individuals/small players, as well as the larger institutional mortgage companies. With respect to the small players, the CFPB is looking at the loan officer, real estate agent and developer. A common violation that these smaller firms or individuals commit, in addition to possible violations resulting from social media posts, stems from agreements among themselves.
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CFPB: No concrete plans to extend TRID

Aug. 1 still the implementation date
Industry talk quickly spread after a speech on Wednesday by Steven Antonakes, deputy director of the Consumer Financial Protection Bureau, where he seemed to suggest that the CFPB might delay the Integrated Disclosure deadline. The CFPB is putting an end to the rumors.
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Mortgage lenders need to use TILA/RESPA to their advantage

The key to capturing the millennial market share
The upcoming TILA/RESPA disclosure integrations and the growing mound of regulatory requirements are causing a lot of concern in the industry, but rather than being focused on staying afloat with compliance, lenders need to change their perspective. The key to capturing new market share might be just around the corner.
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Former CFPB executive highlights hot spots in TILA/RESPA

What’s coming in August 2015
On Aug. 1 the industry will be forced to comply with the Consumer Financial Protection Bureau’s Truth In Lending Act and the Real Estate Settlement Procedures Act. Former Consumer Financial Protection Bureau deputy assistant director helps to process the complexities of the new rules.
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