News and Resources
Settlement Professional's Guide
When serving as a settlement agent, these guidelines can help prevent confusion and keep communication open among all parties. At CFPB.gov, you'll find the Settlement Professional's Guide, a comprehensive reference on how to handle transactions under the TRID rule.
New forms designed to update homebuying
Katherin Feser with the Houston Chronicle interviewed Stewart's Marvin Stone on how the new TILA/RESPA Integrated Disclosure (TRID) will effect homebuyers and sellers post October 3rd.
October announces the 4th Annual CFPB Anniversary Report sponsored by Stewart.
Four years into its existence, the Consumer Financial Protection Bureau (CFPB) continues to make its mark on the real estate, title, financial and settlement services industries. October Research, LLC's special report takes a look back at the growth of the bureau, charting where the agency has come since its beginnings and where it is looking to go in the future.
Special report topics include:
- A look at the growth of the CFPB and a glimpse into its near future
- Reflections on the CFPB as its creator, the Dodd-Frank Act, marks its fifth anniversary
- Evolution of compliance under the CFPB
- The CFPB’s influence on the mortgage and title space
- Changes on the horizon for the appraisal industry
- And much more!
CFPB Finalizes Two-Month Extension of Know Before You Owe Effective Date
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a final rule moving the effective date of the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule, to October 3, 2015. The rule requires easier-to-use mortgage disclosure forms that clearly lay out the terms of a mortgage for a homebuyer. The Bureau issued the change to correct an administrative error that would have delayed the effective date of the rule by at least two weeks, until August 15, at the earliest.
The Bureau is finalizing Saturday, October 3 as the effective date. More info here.
Proposed Effective Date of October 3, 2015
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
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.
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'
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.
CFPB Integrated Mortgage Disclosure Rules: REALTORS® Speak Out
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.
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.
Stewart Blog - CFPB Articles
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
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