CFPB Finalizes Minor Changes to “Know Before You Owe” Mortgage Rules
The Consumer Financial Protection Bureau finalized minor changes to the Integrated Mortgage Disclosure Rule covering when consumers will received updated disclosures upon locking in an interest rate, and how consumers will receive information regarding certain construction loans.
CFPB Report Finds Nearly Half of Borrowers Do Not Shop for a Mortgage
Latest report from the Consumer Financial Protection Bureau (CFPB) finds that almost half of consumers do not shop around for a mortgage when purchasing a home. It also found that informed consumers are more likely to shop, especially if they are familiar with available mortgage rates.
Bank of America Releases Settlement Agent Communication
Wells Fargo Issues Fourth Quarter Settlement Agent Communication
Wells Fargo's latest settlement agent communication addresses many questions since their September issue, which stated they would control the generation and delivery o fthe borrower Closing Disclosure.
Wells Fargo Issues Settlement Agent Communication
Wells Fargo is planning to treat the new Closing Disclosure very differently than the HUD-1. Wells Fargo plans to prepare and deliver the disclosure to the borrower, but to leave the provision of the seller disclosure to the settlement agent.
CFPB Releases Detailed Guide to the RESPA-TILA Integrated Disclosures
The Bureau has released a second guide regarding the new Loan Estimate and Closing Disclosure forms. These forms will replace the Good Faith Estimate, Truth-in-Lending statement and the HUD-1 settlement statement on August 1, 2015. This guide contains numerous examples, and can help mortgage lenders and settlement companies of any size gain a better understanding of the new forms.
Stewart Blog - CFPB Articles
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