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.

Read the complete release and report.

Bank of America Releases Settlement Agent Communication


Bank of America released a settlement agent communication providing an overview of the August 1, 2015 implementation of the Consumer Financial Protection Bureau's Integrated Mortgage Disclosure Rules.

Read their communication to settlement agents.

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.

Read Wells Fargo's update to those questions in their latest communication.

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.

Read complete details of Wells Fargo's plans to Prepare and Deliver the Closing Disclosure

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.

TILA-RESPA Integrated Disclosure - Guide to the Loan Estimate and Closing Disclosure Forms

Stewart Blog - CFPB Articles

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