Articles Tagged with ''Tila''

Mortgage Choice Act approved by House of Representatives

Bill to adjust TILA definition of points and fees passes House for third time
The House of Representatives voted Thursday to pass the Mortgage Choice Act of 2017, which would adjust the Truth in Lending Act’s definitions of points and fees under the Ability to Repay/Qualified Mortgage rule. This is actually the third time that the House has passed a “Mortgage Choice Act” that contained similar provisions.
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CFPB announces annual dollar thresholds under TILA regulations

Changes take effect Jan. 1
The Consumer Financial Protection Bureau announced on Wednesday its annual adjustments to the dollar amounts of various thresholds under the Truth in Lending Act regulations. While the changes go beyond just mortgage finance, they are a part of the annual changes. The changes go into effect on Jan. 1, 2018.
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TRID trouble? CFPB tools give exclusive advice, tips

Here's how to successfully navigate TRID
Regardless of how many preventative programs, meetings and discussions a company has surrounding TRID, it can’t trump the tools the Consumer Financial Protection Bureau, the enforcer of TRID, is giving out. Want some advice? These tools are what you need for TRID.
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CFPB sets its crosshairs on lending arbitration clauses

Too limiting for trial lawyers who want class action lawsuits
The Consumer Financial Protection Bureau is going after standard arbitration clauses, an avenue with a nine-decade pedigree designed to allow consumers and businesses a far less expensive option. This could affect most consumer lending, including expanding the existing limits in mortgage lending.
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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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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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