CFPB TRID Guide for Realtors

Attention title agents and settlement providers! – Teach your real estate agents now about the upcoming TRID regulations that take effect October 3, 2015. THESE NEW REGULATIONS WILL CHANGE THE ENTIRE BUYING PROCESS! New regulations and timelines will require that realtors understand the final rule issued by the CFPB. To assist with this, the CFPB issued a guidance tool for realtors to help them work with their buyers on understanding the new process. Click here for the real estate professionals guide from the...

CFPB to mortgage industry: Get out of MSAs | 2015-07-30 | HousingWire

The Consumer Financial Protection Bureau wants to mortgage lenders to stop using marketing services agreements, and it’s using the stick rather than the rules process to do so. Two major players in the mortgage space announced this morning that they are discontinuing marketing activities that depend on MSAs because of regulatory uncertainty, recent interpretations of RESPA, and a generally toxic enforcement environment, and that appears to be exactly what the CFPB wants. “Wells Fargo’s decision to exit all marketing services agreements is an important step for . . . Source: CFPB to mortgage industry: Get out of MSAs | 2015-07-30 |...

Small Texas bank winning big fight against CFPB | 2015-07-24 | HousingWire

A small Texas bank was handed a large victory this week, when a federal court ruled that the bank is allowed to challenge the constitutionality and authority of the Consumer Financial Protection Bureau. The repercussion of this battle could also have a huge ripple effect on the entire financial market. The bank, State National Bank of Big Spring, Texas, filed suit against the federal government in 2012, claiming that CFPB’s “unprecedented, unchecked power” violates the Constitution’s separation of powers. In August 2013, after 11 states . . . Source: Small Texas bank winning big fight against CFPB | 2015-07-24 |...

Sen. Ted Cruz introduces bill to abolish CFPB | 2015-07-22 | HousingWire

  The Consumer Financial Protection Bureau, which celebrated its fourth birthday earlier this week, won’t see its fifth birthday if Sen. Ted Cruz, R-TX, has his way. Cruz, along with Rep. John Ratcliffe, R-TX, introduced a bill in Congress this week that would abolish the CFPB, an agency that Cruz says does not stand up to its name. “Don’t let the name fool you, the Consumer Financial Protection Bureau does little to protect consumer,” Cruz said in a release. “The agency continues to grow in power . . . Source: Sen. Ted Cruz introduces bill to abolish CFPB | 2015-07-22 |...

BREAKING NOW: October 3 – It’s official says the CFPB!

FOR IMMEDIATE RELEASE: July 21, 2015 CONTACT: Office of Communications Tel: (202) 435-7170 CONSUMER FINANCIAL PROTECTION BUREAU 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. The Bureau believes that moving the effective date may benefit both industry and consumers with a smoother transition to the new rule. 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 systems.  A Saturday launch is also consistent with industry plans tied to the original effective date of Saturday, August 1. The final rule issued today also includes technical corrections to two provisions of the Know Before You Owe mortgage disclosure rule. A copy of the final rule is available here: http://files.consumerfinance.gov/f/201507_cfpb_2013-integrated-mortgage-disclosures-rule-under-the-real-estate-settlement-procedures-act-regulation-x-and-the-truth-in-lending-act-regulation-z-and-amendments-delay-of-effective-date.pdf ### The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For...