The Consumer Financial Protection Bureau shut the door on the comment period for its proposal to amend part of the TILA-RESPA Integrated Disclosure rule involving changes to the Closing Disclosure form. The bureau’s proposed amendments sought to resolve the "black hole" issue under TRID, an issue NAFCU strongly supports.
[Expert commentary] The deadline to achieve Uniform Closing Dataset compliance is upon us, and it will prove challenging. Fannie Mae and Freddie Mac’s UCD requirement deadline of September 25 is mere days away. So what are the available options in order to meet the UCD delivery requirements?
The National Association of Realtors secured a victory in the changes announced Friday to the much-anticipated Consumer Financial Protection Bureau Know Before You Owe rule. The bureau gave much more concrete explanations for one of the biggest problem area — the closing disclosure.
Previously averaging around $5,000 in total for RESPA violations, TILA-RESPA fines will be even higher because these penalties are assessed per day rather than per infraction, and the violation doesn’t need to be “knowing” or “reckless” in order to merit a penalty.
Agency reveals new loan disclosures after 2 years of study
November 20, 2013
Lenders will be required to start utilizing the Consumer Financial Protection Bureau’s finalized "Know Before You Owe" loan disclosure documents in an effort to more efficiently lay out mortgage terms for homebuyers, the bureau announced this week.
The 2018 Rising Stars represent the best young leaders in the mortgage industry. Many of our 46 winners are leading companies as C-level executives, making strategic decisions for their organizations or developing new and inventive ways to get things done. Others are contributing through product development, data management or finding new ways to engage with consumers. Across the board, their efforts and accomplishments are influencing the present and future course of our industry.
The multiple characteristics of blockchain make it an incredibly attractive mechanism across industries. It provides an unchangeable, time-stamped ledger that allows for real-time and simultaneous input. It is the perfect set-up for industries where transactions are routinely moved from entity to entity or business to business and where records need to be verified and audited. Naturally, therefore, in the world of title and real estate, blockchain provides an incredibly innovative platform.
It has been proven time and time again that companies that make an investment in workplace culture attract the industry’s best talent and achieve greater success. For leaders who want to see their business grow to the next level, the solution is to focus on building a great culture — a culture of excellence.