Proposed Effective Date of October 3, 2015

6/24/15

Today the CFPB issued a proposed amendment to move the effective date of the 

TILA-RESPA Integrated Disclosure (TRID) rule to October 3, 2015.

The latest statement reads, “The Bureau believes that moving the effective date may benefit both industry and consumers with a smoother transition to the new rules. The Bureau further believes that scheduling the effective date on a Saturday may facilitate implementation by giving industry time over the weekend to launch new systems configurations and to test system.”

You can read the complete extension notice on the CFPB website.

This is still a proposed date open to public comment until July 7. As we stated last week, this date adjustment does not alter our directive to aggressively and diligently work on the initiative internally and with our external customers.

We will continue to monitor the proposed date change, and provide information as it becomes available.

 

Proposed Amendment to Delay TRID Effective Date to October 1st

6/18/15

Late yesterday, the Consumer Financial Protection Bureau's Director, Richard Cordray, issued a statement on the implementation date of the TILA-RESPA Integrated Disclosure (TRID) rule. It states, in part:

"The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015." This decision is to correct an administrative error that would delay the effective date by two weeks, per federal law. 

You can read the complete notice on the CFPB website as well as the statement the American Land Title Association (ALTA) issued on the ALTA website.

Our CFPB project teams continue to aggressively and diligently work on this initiative to ensure that our Stewart Title offices are well prepared to meet the new requirements. We will be working closely with our lender clients to understand the impact this will have on their schedules, and determine what adjustments we will make to our implementation and training schedules due to the implementation delay.

We will be actively monitoring this situation and will provide more information as it becomes available. Visit Stewart.com/cfpb for information and resources provided by the CFPB and the American Land Title Association (ALTA).

Why New CFPB Closing Form is Driving Lenders 'Crazy'

2/05/15

Origination News published, Why New CFPB Closing Form is Driving Lenders ‘Crazy’ saying lenders are worried about compliance, and fearing the new integrated mortgage disclosure rules will make the closing process more difficult.

Read the complete release. 

CFPB Integrated Mortgage Disclosure Rules: REALTORS® Speak Out

2/05/15

The National Association of REALTORS® (NAR) has begun to speak out about what the Consumer Financial Protection Bureau's (CFPB) rule on integrated mortgage disclosures will mean for their members' business. These articles provide needed insight to real estate professionals on how the August 1 change will affect them, their customers and residential transactions.

RISMedia: RESPA/TILA Changes Right Around the Corner
REALTOR® Magazine: Last-Minute Closing Changes to Get Difficult

CFPB Finalizes Minor Changes to “Know Before You Owe” Mortgage Rules

1/20/15

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.

Read the complete release.

CFPB Report Finds Nearly Half of Borrowers Do Not Shop for a Mortgage

1/13/15

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

12/11/14

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

12/10/14

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

09/24/14

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

Stewart Blog - CFPB Articles

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