I get tons of questions about whether the changes taking place in Washington D.C. mean that settlement agents can forget about compliance. Simply put- compliance still matters!
The marketplace reality is that consumers expect a digital solution to improve their home buying experience. We must meet our customer needs and problem-solve a solution that allows real estate transactions to close electronically. A hybrid approach to e-Closing would allow the title and settlement industry to begin some form of e-Closings today while working with technology providers, Secretaries of State, county recorders and state legislatures to move the industry toward a full e-Closing in the near future.
The D.C. Circuit Court has granted the petition from the Consumer Financial Protection Bureau (CFPB) for rehearing en banc (refers to a session heard before all the judges of the Court) in the PPH case and ordered a briefing that culminates in oral argument on May 24. As you may recall, back in October the District …Read more
The Consumer Financial Protection Bureau released a report, “Project Catalyst report: Promoting consumer-friendly innovation” to coincide with the Mortgage Bankers Association Annual Convention & Expo 2016 in Boston. The 27-page report highlights many areas in which the bureau is actively involved with bank and non-bank innovators, ranging from large, established institutions to small startups, to …Read more
By now, you may have heard of the recent court decision regarding the Consumer Financial Protection Bureau (CFPB) and PHH Corporation, a mortgage lender. In a surprising turn of events, the District of Columbia Circuit Court ruled in favor of PHH against the CFPB. Here are three things you need to know upfront: RESPA (Real …Read more
For those of you that do not Tweet – you should consider doing so. If you want to talk about effective bang for the buck, the 140 total characters, letters, numbers and spaces of a Tweet on Twitter certainly qualifies. Who knew you could say so much in so little? More important perhaps, is that …Read more
September looms large regarding the outlook for interest rates. The Federal Reserve Bank is approaching the annual Jackson Hole, Wyoming meeting of the two-day Federal Open Market Committee (FOMC), which commences September 16, 2015. Hot on the agenda is the consideration of a hike in the Fed Funds Rate target – the first increase since …Read more
Stewart’s Compliance Counsel Dawn Lewallen spoke on a panel discussion entitled “Bringing the new Closing Disclosure to the closing table” at the Oklahoma Mortgage Bankers Association Annual Conference in Tulsa, Oklahoma. The panel of experts discussed the new Consumer Financial Protection Bureau (CFPB) TILA-RESPA Integrated Disclosure (TRID) regulations that will impact quoting title insurance and …Read more
The integrated mortgage disclosure rule from the CFPB affects much more than loan forms and consumer qualifications. Every third-party service provider a lender deals with must be able to comply with regulations – and if they can’t, the lender is held responsible for mistakes. To reduce that risk before the CFPB rule goes into effect …Read more
The last normal housing market in the U.S. was 2001 to 2002. Then came the subprime-driven housing bubble when the only requirement to qualify for a loan was a pulse rate in some instances. Greed drove the get-rich-quick housing bubble, while loose credit was the water and fertilizer. We all admit that the level of …Read more