The House of Representatives voted 271 to 145 to approve the TRID (TILA-RESPA Integrated Disclosure) Improvement Act of 2017 (H.R. 3978), which would amend the Real Estate Settlement Procedures Act to require the Consumer Financial Protection Bureau (CFPB) to allow the accurate disclosure of title insurance premiums and any potential available discounts to home buyers…
The Consumer Financial Protection Bureau (CFPB) issues letter clarifying TRID Enforcement.
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…
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…
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…
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…
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…
As promised, the CFPB has announced, via a proposed amendment, that the effective date of the new Joint Disclosure Rule (TRID) will be Saturday, October 3, 2015. According to the CFPB, implementation on a weekend will allow software providers the opportunity to test systems in anticipation of the workweek launch. For more information on the…
The CFPB announced yesterday that it had issued a new proposal to amend and move the TRID implementation deadline from August 1, 2015 to October 1, 2015 in order to address an “administrative error” that would have required the CFPB to push back implementation of the TRID rule for two weeks. Director Richard Cordray indicated…
FOR IMMEDIATE RELEASE: May 14, 2015 CONTACT: Office of Communications Tel: (202) 435-7170 Prepared Remarks of Richard Cordray Director of the Consumer Financial Protection Bureau Field Hearing on Student Loans Milwaukee, Wisconsin May 14, 2015 Thank you all for joining us today in Milwaukee. Plato once said, “The direction in which education starts a man will determine…
