Fiscal Cliff

On January 1, 2013, Congress passed the American Taxpayer Relief Act. Of direct concern to title insurance agents doing business in the arena of short sale transactions is the fact that the the bill also contained an important extension of the Mortgage Debt Relief Act (MDRA) of 2007, which NAILTA supported and advocated for. The…

CFPB Delays Disclosure Launch Date!

The Consumer Financial Protection Bureau has issued an extension for new mortgage disclosures, initially slated to go into effect in January. The agency will wait to implement the new disclosure forms until other mortgage rule makings have been completed. While some of these new disclosures were originally to be implemented by January 21, 2013, the…

NAILTA Supports Extension of Mortgage Forgiveness Debt Relief Act

The U.S. Senate Finance Committee has approved a bipartisan bill that would extend the Mortgage Forgiveness Debt Relief Act (MDRA) through 2013.  Why is this important? Several reasons: The debt relief law spares homeowners who receive principal reductions on their mortgages from being hit with hefty federal income taxes on the amounts forgiven. Without it, millions of homeowners…

NAILTA – submits comments CFPB’s Integrated Disclosure Rule under the Dodd-Frank Act

Today, the National Association of Independent Land Title Agents (NAILTA) submitted formal public comment concerning the CFPB’s Integrated Disclosure Rule under the Dodd-Frank Act.  In summary, NAILTA’s Response to the CFPB on New HUD/TIL Disclosures: The proposed rule making can be found by clicking here.  A summary of the rule can be found by clicking here. The…

NAILTA Provides CFPB with Supplemental Guidance for Vetting Companies

The National Association of Independent Land Title Agents (NAILTA) met with officials from the Consumer Financial Protection Bureau (CFPB) on October 1, 2012 to discuss CFPB Bulletin 2012-03, the Service Provider Bulletin and third party vetting companies.  As a result of that meeting, NAILTA’s Policy and Legal Affairs Committee decided to prepare a comprehensive supplemental…

NAILTA responds to Secure Settlements, Inc – White Paper Response

Secure Settlements, Inc. provided a response to NAILTA’s white paper entitled, “Third Party Vetting Companies: Are they Legal or Necessary?”. In the letter, SSI argues that its vetting process, although not regulated by any administrative authority and not a test of agency competence, complies with the standards established by CFPB in its Bulletin 2012-03. SSI…