We’re here to guide you through the challenges of a new regulatory environment.
As the focal point for real estate transactions, real estate professionals will be affected by a number of rules and regulations put forth by the Consumer Financial Protection Bureau (CFPB). You will need to be able to talk your clients through the new forms resulting from the proposed mortgage disclosure rule – which will also affect the timing of your transactions with a mandatory three-day notification for both the Loan Estimate form and the Closing Disclosure form. You’ll also deal with the fallout of clients having to qualify for a mortgage under the more stringent underwriting requirements of the Ability-to-Repay/Qualifying Mortgage rule.
So, what should you do about all of these new changes? First, learn as much as you can about the new rules and prepare for the changes in the transaction process well ahead of time. Second, meet with lenders you trust to learn more about the new QM rule. Third, make sure your closing partners are vetted and verified by your lenders and meet with them to discuss the new disclosures and their preparations for the new regulatory environment.
At Stewart Title we’re your source for information and expertise on the closing process under the new regulatory environment. We’ll keep this site updated with the latest news and let you know how we think the various rules and regulations will affect our transactions.
And, of course, you can depend on continuing to receive the highest level of service both during and after the transition to the new processes from your local Stewart Title office or Stewart Trusted Provider.
Watch the short but informative three-minute video below to learn more about the TILA-RESPA Integrated Disclosure rule, specifically how the HUD-1 and Truth-in-Lending Disclosure for most closed end residential loans are going away, the new rules about when these forms must be delivered and what this will mean to you and your customers.
Sellers, buyers, borrowers, lenders and agents, attorneys, or employees of those persons – please confirm you are in compliance with your state DOI regulations before utilizing any resources, content or information from this site.